In your LiveView screenshots, the histogram is raw; just double-check "Use RAW zebras" is really "Always". If that still doesn't give raw zebras, it's a bug, but I'm unable to emulate LiveView in QEMU yet. A video might be useful to figure out what's going on.
Ok, I tested again (yes, RAW zebras is set to always). It seems zebras don't change on WB change in LiveView, only in Play+Light view. So if you can make Play+Light display raw histograms and zebras/clip warnings (or at least as an option) it would be great.
Safety-wise, they are about the same. These systems don't have a MMU, any task can write anywhere in the RAM, and Canon code saves their settings at shutdown by... reflashing the ROM.
Thanks for explaining.
The crop_rec_4k branch
... is *probably* a little safer.
You are doing a great job.
In any case, the strongest safety net we have is the ability to emulate the firmware in QEMU
I still haven't had the time to install that and try it out but I read that not only LiveView doesn't work in it but also Image capture and review without which I guess there is really nothing to test in QEMU, right?
(with the user's ROM),
What is that?
so if something goes really wrong (such as camera not booting or acting weird), I should be able to look into it.
How? What if my camera gets bricked and there is no way to diagnose?
And, of course, the ROM dumper from bootloader.
Is that something I *must* do before installing the crop_rec_4k build? Please explain as for a layman as this whole thing with so many links to different long threads is a little overwhelming for an ML newbie

Well, somebody *has* to test this before it goes into mainline 
I would be happy to but of course I am cautious not to cause a damage.
Do I simply download and unzip magiclantern-crop_rec_4k.2017Sep26.5D3123.zip onto the card? Do I need to run "Firmware update" after that (as when installing ML for the first time)? Please provide the steps.
Thanks.