Boys and their toys
You can fit an atmospheric dump valve and get a funny/funky/cool (delete as applicable) noises when you lift off the throttle when boost is in progress.
If you partially lift off, when boost is present, but enough of a lift to open the dump valve and there is positive boost being created by the turbo, the engine will be a little richer and you may get funny/funky/cool flames from the exhaust tips if the exhaust system is hot, you might also get a little loss of refinement from the running characteristics of the engine, such as a less than ideal momentary alteration to the engine braking during the opening period.
However if you completely lift off, while boost is present, the injectors will be shut off during the over run, resulting no change to running characteristics or engine braking, still a funny/funky/cool noise, but no funny/funky/cool flames from the exhaust.
Unless of course you tell your chip supplier that you want funny/funky/cool flames from the exhaust on the over run during partial and full lift off, which is possible with or without a atmospheric venting dump valve.
In short, you might get pops and flames from the exhaust, but it will not damage your engine.... Unless you absolutely drove everwhere constantly trying to provoke it to do this, which will probably damage the engine eventually with or without an atmospheric dump valve....
There also might be some consideration to post lift spool up when you're back on the throttle compared to a recirculating valve, but it is likely to be minor.