"Autonomic inhibition" is a mechanism the body uses to prevent muscles and tendons exceeding their strength limits. CNS will shut down motor neurons of muscles it perceives are near this limit. It will from protect you from exerting so much force from the firing of a muscle fibre that it will rip itself apart, or rip the attaching tendon from the bone.
It will not protect against joint injury. It will provide limited protection against ordinary soft tissue injuries like tears but they can still happen. i've seen a few hamstring tears while people have been deadlifting. It will not protect against skeletal injuries.
CNS inhibition works in conjunction with proprioception, ie your sense of where your body is in space and the feedback you get from your senses. If your grip the bar hard, this can reduce the autonomic inhibition effect and allow your body to fire muscles harder, which is why it's such a good cue in all lifts and chinups etc. This is why switching to mixed grip from double overhand on deadlift can make it seem so much easier. It's also why attitude and confidence is so important. If you approach any lift with a never say die attitude, it's likely to be a much safer lift.
Autonomic inhibition can also shut down prime movers that should be moving the load, and then leave your smaller stabiliser muscles, joints and skeletal system to bear the brunt. Not sure much of an issue in deadlift. You just drop the bar. When you get under a bar, whether it's a squat or overhead press or whatever, it gets a lot messier.
The other problem is that many of us, particularly those who have been quite sedentary or work desk jobs, have developed faulty unbalanced lengthening/shortening of muscles and inhibition of other mucles, which leads to faulty and potentially dangerous movement patterns. I'm speaking from experience because I'm one of them.
If you have inhibited glutes/tight hip flexors (often accompanied by inactive/weak core) for example, in the deadlift you're going to struggle to maintain the back again off the ground and end up doing a half-SLDL at heavier weights. Now this is all quite normal for beginners, but if you do this to failure at maximal weights, you're putting yourself in danger of a disc injury.
Even if you've been training for a while, you might be able to maintain correct technique at weights in the 80% range, but once you go higher and push your CNS, the faulty motor patterns and prime mover inhibitions will re-emerge and fuck you up.
Training to failure has its uses, but I think it is best left to those who know what they're doing. Most of us can develop quite happily training at less than 90% and makes gains for a long time without ever failing once.