All Herpstats are programmed to fail in the off position if the sensor goes bad. Most (4 of 6) Herpstats also have a built-in safety relay to cause them to fail in the off position in the event of a mechanical failure.
If the probe becomes detached from the heat tape, it will sense the lower temperature of the open air and increase power to compensate (probably wide open). That would be a user error - do everything you can to ensure this doesn't happen.