IF these motors are what's called an Interference Motor, then a stuck open valve will hit the piston. A non interference motor will not allow the valves and pistons to collide, no matter what happens, unless the valve falls IN the cylinder; be it a timing chain/belt breakage or a valve spring issue...
Basically, if the piston and valve paths "interfere" with one another, and incorrect timing in their movements result in the piston and valves colliding, it is an "interference head" or "interference engine", and includes virtually all diesel engines. Most foreign car engines are interference motors. If the retainer clip breaks, I think the valve WILL extend too far down and hit the piston head in any case. You would know when/if that happened, the piston head would probably split, break, whatever, that is NOT a good thing. Valves are inserted through the cylinder side, right? SO, yeah, if the clip brakes, it's falling in...
I have HEARD cars that run with a valve open, and was a non interference motor. If the intake valve is open, then you have a real problem, as you push air & gas back up through the intake on the compression stroke, and out the TB area spraying the gas out it. I have seen that, and it makes a LOT of noise. IF an EXHAUST valve is open, then the air & gas goes out the exhaust during the compression stroke, thus the unburned fuel goes out, and will ignite in the hot exhaust. I would rather have an exhaust valve open, than an intake one open.
I think these are NON INTERFERENCE engines, so you can run them broken like that, and not cause the damage to the piston and head that an interference motor would.
As far as the weak valve-train, it's not an issue with a low failure rate...