Would switching flight mode and then pressing, for the required period, the RTH button on the controller once AND ONLY ONCE be an alternative?
As I understand it the switching of flight mode guarantees that any existing RTH is cancelled so the subsequent pressing of the RTH button would be guaranteed to trigger an RTH.
Upon LOS, pretty sure the drone does whatever is programmed for LOS; which is RTH, HOVER, or LAND are the options in DJI Fly. So I'm inclined to think even if the drone is in RTH, it will do whatever the LOS condition is set to: when returning to home with signal, if the signal is then lost, the drone will cease RTH and just hover.
In PF's message above, that would be the case if signal between controller and drone was still ok (controller led status), just video on device screen lost, or device flat battery (not much excuse for that !).
Besides switching to Sports mode, you could also press pause, I'm pretty sure, an easier one button press.
Hover or land would only function as failsafe if signal loss occurred, or of course RTH if that was set.
If a pilot has signal to control the drone, and presses RTH once, it will do so.
A pity the more recent controllers have no telemetry like older controllers, they tell you it's in RTH mode.
I personally see no reason to set failsafe to hover unless flying under tree canopy, inside / under structures etc, and then I'd want to be able to walk right behind the drone to keep good signal, or have the ability to get closer to reestablish signal if lost.
A lot would have to do if good GPS was present, or if enough light for good VPS functioning.
Every flight is unique in this side of the planning.
I can't see why I'd ever set it to land, too risky in general, I'd rather have it RTH or hover as failsafe choices.