That's what it's touted as. In reality, the advantage most people are immediately aware of is how easy it is to plug in. Barely wave the connector in the general direction of the port and *snap*, it's charging.
I've always seen the safety feature as secondary to the ease of use aspect, tbh.
Either way, the current form of that mini plug (pictured) is too deep to have a practical magnetic latch. Imagine how easy it'd be getting any sort of small metal stuck in the port.
Also, I wonder if data transfer equivalent to the 30pin connector would even be possible/feasible with a really shallow port like the MagSafe.
... that's your reality. Everyone I know is aware of the safety feature especially when coming over from another laptop that broke after tripping the power cable.