I'm thinking it may snap in cases like this, preventing something more expensive taking the brunt?
My mates timing belt snapped on his SR, the woodruff key broke and all the valves were intact. Fitted a new timing belt and ran sweet as a nut once again. Must work as a safety device?
That said, I don't think it will protect the valves. The valves will be fine if the belt goes and VTEC is not engaged as the valve lift isn't enough to cause P2V contact.