If you are far ahead in Research, you can win any way you like. Unless you decided beforehand to try a Spell of Making victory and beelined Research towards that.
Otherwise, the Quest victory is the only way of winning if you feel like you are losing. If you are in a war and reached a stalemate of sorts, Spell of Making could be an option, while the Quest could still be too difficult. But I have never been in that situation myself.
edit: typo