If you're flying FPV and you lose the "V", then... you're not flying FPV anymore, but VLOS. And if this happens when the AC is 1 mile away, like the OP said, I challenge you to do anything but engaging RTH to bring it back.
I think this debate is a bit pointless, as to fly long distance you need both control AND video feed, period. You lose video, you're blind and can only RTH. You lose control, RTH will engage automatically and you can't do anything but watch. On the P3S specifically, we generally seem to lose video feed before we lose control, and this is why there are simple mods to address this issue.