> Wouldn't shifting to neutral make the engine rev up really high? Does the computer limit the RPMs to prevent damage?
Yes, the computers do.
However, if you're going to have an accident, engine damage is pretty low on the list of concerns, even if you ignore the fact that accidents cause engine damage.
Switching the engine off (if you can do it fast enough) should slow you down faster though. If you stay in gear with no ignition, the engine drag will brake you a bit.