Exactly. The classic example was Richard Hill in 2003.
Injured in the opening match with a niggling hamstring that always seemed on the verge of clearing up but didn't, Woodward had to choose between replacing him permanently or hoping he would recover in time to play a part.
Woodward held onto him. He got fit in time for, IIRC, the semifinal against France. And the rest is history.
(As an aside, I still wonder how things would have turned out had Hill not had his knee injuries and been available to England in 2007)