that psu has many protections built in. if it fails it is unlikely to damage anything. rather it would just shut down and not start again.
more modern psu's of course have updated and more modern protections, which is one of the main reasons to update it. i've seen quality psu's just stop working and i've seen some low end junk units start a fire taking compartments with it. i've also seen it the other way around. ...
most likely at moderate load, the psu would just shut itself down and not restart causing no damage to anything else. but of course there is always that risk it would be more dramatic and take something with it.