The fuel shutoff on the "old school" diesels you were talking about worked because they were naturally aspirated. A force fed diesel won't run away on air, it's the oil coming from the turbo that you have to worry about. Similar to a gas engine.....fuel, air, spark.....a diesel needs fuel, air, and compression to run. In the event of a turbocharger failure, even if you take away the diesel fuel, the engine is using the oil from the turbo to run on. Once a compression fired engine is set in motion, you have to take away either fuel or air to shut it off. If it has run away, and hijacked a supply of oil, the only way to shut her down is to wait for the oil to run out (they never last that long), or take the air away. Sometimes it's just not an option to kill the air supply, so you just have to let them eat themselves. In a manual trans vehicle, put it in high gear, dump the clutch, and mash the brake. In an auto, your already screwed, so go ahead and do the burnout of a lifetime. Sometimes you even have time to find a book, board, chunk of steel, etc to cover the intake with. Popping the hood on one while its running away is enough to make you chit a Buick and drive off in a Chevy. In an airboat, you would just have to pray for the engine to blow before the prop. I would sure hope for an immediate belt failure in that situation!
If you are around them long enough, you will get the pleasure of seeing a show.