Good designers allow for the possibility of the supply being shut off rapidly e.g. by using reverse diodes across linear regulators. If the high value hardware was not well designed in this respect, series Schottky power diodes between the crowbar circuit and the load can be used, or -worst case- if their Vf drop isn't tolerable, it may need a protection circuit using high-side MOSFET load switches rather than a smple crowbar circuit.
Even so, without such protection, the damage due to crowbar activation is likely to be far less than that caused by a SMPSU output rising due to catastrophic loss of regulation.