There's no safety mechanism, except maybe for preventing you into shifting into first. The effect of downshifting will depending on how fast you're going. Obviously, the greater the initial speed at the time of the "mistake," the higher the RPMs will be at the lower gear, and the greater the slowing effect is on your speed. If you release the clutch gradually, you'll notice that something is wrong and that will give you time to shift into the correct gear. If you're bad with the clutch, the car will jerk to a sudden lower speed, and your motor will suffer.
I use downshifting to slow down gradually. If I'm slowing to a halt, I shift from 5th to 2nd, or 4th to 2nd. The key is smooth clutch action.