I have and used a float valve to cut off the siphon if the pump failed. I wouldn't recommend it though and I only set it up this way because I didn't know better at the time. You would be better off using an overflow box. Much easier and no risk of flooding if the pump fails.
There's no risk of flooding if the return pump fails if you do your sums right and have a big enough sump with enough space, and position the syphon close enough to the water surface so that if it should happen, the syphon will stop before a flood occurs...