somewhat semantics.. first a "what if" case..
what if.. both of the stages fails "open" in a 2 stage. At best the pressure will relieve at 200psi.. sending 200psi downstream to an atomizer,reactor ect..
so nothing downstream of the regulator is "protected".. only the regulator is protected from blowing apart.. your downsteam lines/bubble counters ect.. not so much..
NOW this is very unlikely..
As a practical matter:
my Victor lost the seat in the hp diaphragm.. but I could "charge" the regulator w/ the tank valve. 200psi would blow but re-seat below 200psi (after shutting th tank valve off) allowing the primary to maintain a charge and 2)the secondary send 35psi downstream.. Ran this way till I replaced the regulator..The large Victors contain a lot of gas and I prefer to dribble CO2..
Basically I had a 1 stage regulator..
Point was I didn't blow the second stage.. Theoretically if that went the 60psi relief would keep the system from destroying itself...and the hiss would alert me.
I actually find it interesting that most DON'T put a downstream one in.. Maybe I'm just more paranoid..............
EVERY regulator I ever saw has this disclaimer (not that I've seen EVERY regulator and there could be some BUT the marketing blurb better state "protects downstream stuff":
External self reseating relief valve not designed to protect downstream apparatus (No relief valve is needed on SR 260 and SR 261 series regulators)
http://store.cyberweld.com/visr250sere.html
So you were correct but I thought a bit of clarity was necessary...(re-read it and believe I was thinking about the above when I did the first time)
Like this.. there is only 1 pressure relief valve 9 oclock .. and set at like 200-300psi..: