Many British bikes of the 50s (plenty of them still around!) with magneto ignition had an earthing (grounding) pushbutton on the handlebar. Used simply to stop the engine, effectively it was what now would be called a kill switch but I never heard of anyone using it to stop a runway engine. I once did have that problem, on a BSA 650, but it didn't occur to me to push the earthing button. (It was caused by a sticking throttle slide and fixed itself in a few seconds, fortunately!).