Do you mean that the barely-rotating blade would dip into the oncoming wave-front and get snapped?
I imagine that depends on whether "waves without wind" are likely to occur, and whether we can expect waves sizes/shaped so that they clip the blade itself before their rising edge hits the buoy to bump the blade upwards.
As with lighthouses, I'm pretty sure that would be the boat's fault for recklessly approaching anywhere that close to the giant well-marked stationary field of tethered obstacles in the first place.
If it's someone doing authorized maintenance, they will probably have a rule "do not approach from the blade-side." If the wind is changing that strongly and unpredictably, then it's already a dangerously bad time to do maintenance.
It would be interesting to watch one as wind speed increases, it’s a neat design.