Oh great, this argument again
Actually, they are. I am amazed ho many CFIs don't understand that engines behave exactly the same regardless if there is one or two. The propeller will continue spinning, and therefore all systems will continue operating exactly as before. Oil pressure, alternator, magnetos, and the prop governor will continue to work exactly as before.
When teaching engine failures, my first point of briefing is that the Cessna is a perfectly good glider.
Flight training is a high risk environment. Yes, we all understand that pulling the mixture in flight is an added risk and it should only be undertaken in an environment that offsets this risk.