Does installing a surge anticipator valve remove the risks of pipe bursts/damage due to uncontrolled surges?

No.  Surge anticipator valves relieves high pressures by exhausting volumes of water out of the pipe if the pipe pressure exceeds the set pressure of the valve. The valve has no method of dealing with negative pressures, and can actually increase the severity of them.

It is not commonly appreciated that a far higher proportion of surge pressures identified by hydraulic modelers as requiring addressing, are negative and NOT positive.

Negative pressures are equally destructive as positive due to the extreme high pressures created as the vacuum collapses.

Negative pressures in Potable water mains directly contravene the Drinking Water Inspectorate (DWI) regulation of maintaining a positive pressure at ALL times.