This is actually a pretty useful tactic I didn't know I could do :
When I was grinding at Black Tailed Mongooses training my Tiger, I missed one time (Elf) and the Mongoose attacked me and my Tiger, only to have it's combo ended when it knocked out my Tiger (that was in deadly status), allowing me enough time to aim at the Mongoose after I got knocked down to kill it.
In other words, if your an elf archer, you could have your mount set in deadly status or near death so that if you miss an enemy and it manages to hit you while mounted, you can sacrifice your mount (which you can phoenix feather later) to take minimal damage and get another chance at killing the target.
Yes, lol, this is what pretty much what most ranged elves do... Since we're so frail unless we have Mana Shield on at all times, abusing a mount on deadly is the most efficient way to solo dungeons since it gives you 100% chance of not dying the first time you get hit, and makes all enemies lose aggro so you can finish them off and restart the strategy.
Another neat thing you can try is loading Crash Shot/Magnum Shot while running on a mount towards your target, so you basically have no load time on ranged skills if used correctly.