yes, they will ‘cap’ the overall rating if they find one area at that level.
A school can’t be outstanding if any of the teaching observed is only good, for example.
Safeguarding is one of those ‘if you can’t get that right you don’t get a high score’ type issues.
I would look further online there is a lot of info from both inspectors and ofsted about how they work and what affects overall ratings.
sorry, to clarify – if the safeguarding related to classroom practice then they would reflect that but I don;t believe they will reword an observation on good practice to reflect poor safeguarding in other areas of the school.