They are fail safe…if the release valves stick the rubber seal around the lid is meant to deform into a cut-out in the rim to allow the pressure to release. This is why they always say don’t cooking dumplings in them, cos the dumplings can rise and block the valves and the rubber seal.
Is it an electric one or it goes on the hob?
Generally the small valve will lift up as soon as it reaches boiling point, then it will start venting from the second valve when it reaches operating pressure. The idea is you turn it down so this venting is relatively gentle and quiet. If it stops venting, you need to turn it up a bit. If you leave it on max the venting will be fierce and it will boil dry after a while.
You are not really meant to flick the lever to reduce pressure by dumping the steam, though I’m sure 90% of people do. You are meant to turn off the heat and let it cool naturally, or as above, run it under a cold tap. If you want a super fast release of pressure, push in the release valve with the tip of a knife. Not recommended though as the scalding steam will be hitting the ceiling 🙂