IME the feature flag interface is next to perfect for runtime configuration. I don't care for intended usage at all. You could say feature flags have found a great product-market fit, just that a segment of the market is a bit unexpected but makes perfect sense if you think about it.
Resetting to a know failsafe works as long ask the risk of someone changing a backend service (or, multiple services) at the same time is low. Once it isn't, you can most definitely do more damage (and make life harder for oncall).
Who controls the runtime config? One person? Half a dozen? One hundred plus? Is it being gated by approvals, or can anyone do it? What about auditability? If something does go wrong, how easily can I rule out you turning on that flag?
Finally there is simply the sheer permutations you introduce here. A feature flag is binary in many cases: on or off. A config could be in any number of states.
These things make me nervous as an architect, and I've seen well intentioned changes fail when good flag discipline wasn't followed. Using it as fullblown runtime config seems like a postmortem waiting to happen.
I feel like you could easily add a status to flags, to mark whether they are part of a release process, or a permanent configuration tool, and in the latter case, take them off the release interfaces.