Well of course it isn't going to blow up the first time you exceed a certain rpm, and there will be some safety margin, but there are still limits. And the discussion was in removing the limiter - but for what purpose? Your saw seems to be holding some good rpm in the cut, but nowhere near the rpms where the limiter kicks in. What is the point of increasing the max speed when it is so far above where the saw runs under load? Increasing the limit does nothing for performance at lower rpm.
No. A properly tuned saw with a conventional carb will only reach a certain rpm because as the rpm goes up from max load the mixture gets increasingly richer. First it misfires ("4-strokes") and ultimately it can't rev any faster. But while it's doing all that it's pumping raw fuel out the exhaust, which is a major waste and a lot of pollution.
The whole purpose of a feedback carb is to fix this major mixture problem, so it does not 4-stroke and it does not limit the max rpm with a rich mixture. That's why they needed to limit the max rpm through the ignition module, as the mixture is now correct and won't do it.