If the needle valve hangs up and fuel flows into the cylinder it could result in catastrophic engine failure. If the piston is down in its stroke with fuel in the cylinder when you crank the engine the piston travel cannot compress the fuel and you will have, at the least, a bent rod. I have had hydrostatic lock but I was fortunate the cylinder with the fuel had the piston at its uppermost travel. So in my case when hit the starter button the starter engaged but the engine was locked up.
I pulled the spark plugs, cranked it over to blow the fuel out, changed the oil, flushed the float bowls, and was good to go. A tiny fleck of dirt can do this and you don't have any warning or any symptoms of any kind. I now turn the fuel off as a habit every time I turn the engine off