Can't imagine flying down to 200' minimums in a single engine airplane, though many do. Just not me. IF engine trouble happens you have to hope when you pop out of the soup you don't hit a barn, house, power lines, etc..
That's totally fair—we all have our personal minima. For me, I can't imagine flying VFR into OSH during AirVenture with such crowded airspace, but that's not a problem for many people in this forum.
Your point about engine failure is a good one, but note that even if your destination is easy IFR like 600+2 or 800+3, higher terrain along your route might have cloud/fog right down to the ground, so the same concern applies about an enroute engine failure.
The one positive thing about approaches in single-engine pistons is that things happen
very slowly compared to jets or turboprops. When a jet breaks out at 200 ft AGL, they have only a very few seconds before the wheels hit the runway. When you break out at 200 ft AGL in a PA-28 at 90 KIAS and then start decelerating to Vref (say, 65 KIAS), you have close to 30 seconds before touchdown, depending on how long you decide to float down the big runway. Once at DH on an ILS approach into CYYB I saw only the rabbit lights leading up to the runway, not the runway itself, but that was more than enough (legally and practically) to get me to the threshold. It can't have been more than 20-30 seconds before I touched down, but it felt like all the time in the world.
Approaches like that are rare, though; in 16 years of IFR flying, I can probably still count the number of approaches I've done in actual IMC to below 600 ft AGL on my fingers. I'm always hoping for one, just for some extra experience, but they rarely oblige.