If someone gets snuffed out it probably won't be for lack of Bakugo trying. He's got enough of a burden to carry as is with All Might.
I'm actually thinking if anyone gets undone here because of someone's actions it may be because of Deku. Gran Torino already set up the possibility for that when he told Deku that OFA is in danger of being stolen, that might imply that at least two people (Gran Torino and Bakugo) are cognizant enough of the fact that Deku needs to stay the hell away from Shiggy since he's at risk.
It'd also make sense from a thematic standpoint. Consider also the fact that throughout MHA, he's always talked himself up as wanting to become someone that can save everyone. He's coasted pretty well so far in this regard; the first two things he did as an aspiring hero was attempting to save Bakugo (and while he didn't succeed it did inspire All Might to push through) and successfully saving Ochako. From then on he actually succeeded in protecting All Might at the Unforeseen Joint Simulation, and then saving Iida from Stain. He also managed to save Bakugo for real in Kamino, as well as Mirio from Overhaul, but nothing was more emblematic of his goal than succeeding in saving Eri. That being said I think the harsh reality is that realistically he can't save everyone. That's a lesson he's going to have to learn sooner or later it feels like, and while I do believe there's absolutely an out here for the heroes in temporarily de-escalating the threat (note that even if the villains manage to "retreat" that's still technically a loss for the heroes as the most dangerous man in Japan is a fugitive), I suspect where we're going right now may lead to Deku's first real taste at failure. Make no mistake, he's "failed" before in the sense that he didn't win a fight, or the sports festival, or what-have-you, but all of those were at least a failure forward. I think there's a good chance whatever happens here will be something that he won't find a silver lining in, and that could very well translate to the dequirking or death of one of his teachers.
Also I maintain that a possible wild card thing that could happen this battle is that Deku manifests the quirks of one of the other vestiges as opposed to Float. Somehow I think underselling the quirk and his progress toward it means it might not be the right time for that one to manifest in this case, though I suppose it'd give Deku something defensive if Shiggy starts decaying again.