Hi S,
The Initialization Program Enables your system so if it isn't executed then your system won't be enabled and shouldn't do anything. Attempting to run GCode should result in an Axes Disabled Error.
If you configure things incorrectly, depending on your system, something may well be damaged. It is your responsibility to design your system in a way that nothing will be damaged or harmed if someone makes a mistake or there is some hardware failure.
Regards