If the "decompressor valve" prevents the piston from compressing the fuel in the cylinder it will stop the engine because a diesel engine ignites the fuel with compression rather than a spark plug.
There is, however, a danger in stopping the engine this way. If the engine uses an electrical pump to provide fuel to the injectors, it will continue to pump fuel into the cylinder and the piston will pump it out the open valve where it could be a fire hazard.
If, on the other hand, the engine uses a mechanical fuel pump driven by the engine this will not be a problem because the pump will stop when the engine stops.
The typical way to stop a diesel engine is to stop the injector pump (electrical or mechanical) so the engine has no fuel...