It likely depends upon how smart the inverter is when exposed to excessive string voltage. I could easily imagine a system smart enough to short its input, which drops the string voltage to zero and simply has Isc flow through the components. Since Isc is set by the individual panel, and is not much greater than normal operating current, the inverter should tolerate this with no problem. In this case the failure mode is 'if the string is too long you simply get reduced or zero output'.
On the other hand I could imagine that if the voltage gets too high, the inverter might try to operate and subject components to excessive voltage stress. Then the magic smoke comes out and Isc flows through the resulting arc....