All our large diesels had an air cut off valve. None of them would run without air.
The shut off solenoid in my 12V stuck a couple of years ago... It was definitely an interesting experience, but fortunately not truely a runaway situation:
Turn the key off; engine still running.
Remove key; engine still running.
Put it in 4th gear and popped the clutch; engine stopped. (whew)
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