It is not clear what do you mean in statement "QED is very predictive...": QED does not contain any particles except electrons & photons. QED describes only electron-photon proccesses and when you include additional particles (for instance, muon) you obtain a different theory (strictly speaking).
In Standard Model (SM) there is the following fact:
On tree-level we can neglect momenum of intermediate $W$-boson in its propagator and study effective 4-fermion theory (which is called Fermi theory)
This statement can be sketched as
$$\frac{1}{k^2+m_W^2}\rightarrow \frac{1}{m_W^2}$$
Of course, this approch falls due to several facts (I do not want to discuss them). In next order (=1-loop level) if you want to study radiative corrections to coupling constants or masses, you should consider 'honest' propagator (as you have noticed). However, in most of these calculations there is virtually always a small parameter (for instance, electron mass) which makes derivation a little bit easier. For instance, if you want to consider correction to decay $Z\rightarrow e^{+}e^{-}$, you should evaluate all of these diagrams,

and use 'honest' propagator when loop contains $W$-boson (for instance).
As was mentioned by Guillaume Trojani, one of the key points of tree-level calculations is using of renormalized couplings constants. For me, it seems useful to sketch derivation of $gg\rightarrow H$ procces on tree-level,

which is dominantly caused by $t$-quarks (due to restriction on $m_H$ mass). Honest and comprehensive derivation is complicated. However, we can easy consider the limit $m_H/(2m_t)\ll 1$. Next step is to set $\alpha_s=\alpha_s(m_t)$ and then notice that $t$-quark obtains his mass by Higgs mechanism, $m_t\rightarrow m_t(1+H/\eta)$. Finally, one should extract the leading order. Resulting expression for amplitude $tt\rightarrow H$ is very precise for $m_H<200$ GeV.
I try to demonstrate than in SM you have a lot of parameters and in many cases complicated proccesses are calculating approximately and sometimes even in 'loop'-processes approximation with point-like $W$-boson will be enough good. May be my last words are wrong, but for me it seems true.
Finally: You are absolutely right that when you integrate over all possilbe momenta of intermediate boson you should use 'honest' propagator. When you consider proper QED you do not know about any other particles except electrons and photons, so with these particles QED is predictive. When you go to higher energies ($>m_W$), you should add other particles and not it is not a QED. After adding particles, you can compare results (for instance $(g-2)$ correction to electron moment) with and without other particles (for instance, muonic contribution to electron $(g-2)$. In most cases due to interplay between particles masses/other parameters results from QED is quite good.