What often happens is that when a turbo fails, it is the oil seals on the rotor shaft that let go. This allows engine oil to be drawn into the inlet tract and the engine will feed off its own oil. As this is an unmetered fuel supply the engine will 'run away' revving out at maximum revs until the oil supply is exhausted at which point the engine will seize.
A very frightening thing to witness as there is no way of stopping it. You might be lucky enough to have the presence of mind to stall the engine though, the key will have no effect once this starts.
But that is an extreme case and is the one that will cause a written off engine.
Usually you will get plenty of warning, noise (chatter), smoke and an engine that seems to use a lot of oil between top ups. You do check your oil every week?
A bit of smoke under hard acceleration is normal, especially on a car of that age and mileage. Ironically to cure it, you should give it a damned good thrashing at least once a week.
I wouldn't worry 125k is nothing providing the car is serviced properly, mainly regular oil changes.
[edit] a good video example of diesel engine runaways...
View: https://youtu.be/xmIfjmvXp0I