That would kinda defeat the purpose wouldn't it? It feels terrible as I believe it shuts the fuel down,but the idea is to prevent damage. Why your hitting the rev limiter is probably more the issue
I believe these timing components were damaged from using a two step rev limiter. Stage, push clutch pedal to floor, tranny in first, throttle pedal to floor and rpm bouncing off the first setting of the rev limiter. Let the clutch out and YEE-HAA.
As long as it's just the one bounce and you don't let it bounce continuously, no harm will be done. Otherwise you could risk breaking any of the camshaft drive components or the oil pump gears.