Some Chevy engines come with a sophisticated and extensive equivalent. If you flip the car over the valve rocker arms fall off their resting places. Very definitely kills the engine.
But to actually answer your question, yes, some cars have a button in the trunk just for that purpose. I'm not quite sure what the logic is there. Perhaps mostly to drum up the towing and repair shop business.
Anything can happen. Turns can short, wires can corrode and fail, the plunger can jam or corrode, the bobbin can melt or warp, water can get in and freeze. The plunger is rarely magnetized so it can't lose any magnetism.