Well, if you need a cutoff to define the theory then you admit that it's an effective theory valid up to the cutoff scale at most. The Epstein-Glaser approach avoids UV divergences, because it's more careful in dealing with products of distribution valued operators, and thus it solves a mathematical problem, but not the physical problem of the Landau pole. As far as I know, QED is an example for a QFT more likely not to exist in a strict sense than, e.g., QCD, which is asymptotic free, but for no realistic (i.e., (1+3)-dim. theory of interacting quantum fields) there has been a proof for it to exist in a strict sense. On the other hand FAPP this doesn't matter much, because we have anyway only a limited energy available, and it's quite likely that our contemporary Standard Model will fail at high enough energies somewhere. Today, nobody known where that scale might be. Maybe there's really a dessert up to the Planck scale, where one can definitely expect something should happen concerning quantum effects of gravity. Then HEP with accelerators is doomed, funding wise :-(.