If I'm making a pass and for some reason I lose my fuel pump or alky people say I can't lift fast enough to save the motor. Ok fine. Is that all there is to it or is there something out there that will buy me some time or shut me down?
Back to your original question. The features in the XFI will buy you some extra time since it can monitor fuel pressure, boost pressure, and oil pressure. You could even use the aux boost output to protect against overboost if you wanted.
As Mr Spool stated, in addition to the XFI protection, you can also watch your boost gauge, oil pressure gauge, alky light, and knock sensor during the pass.
I'm not saying everyone needs to go out and buy an XFI, but in response to what the OP is asking, I think it's a great option.