I have never seen a loss of ALL gas, but I have seen: an Oring popping out between cylinder and valve. That means a non fixable failure. So closing the manifold and then you have 1 cylinder left. If you are fast of course.
I have seen a blowing manifold.
I had another failure myself: the loss of a valveknob on a stage cylinder. That means if the cylinder is closed that you cannot access the gas. Not a real loss, but gas is not usable, but quite non fixable (or you have to take stuff with you to fix this under water).
I have had a free flow on a decogas, followed by closing cylinder, so normally not a problem, but followed by getting no gas anymore because of a block somewhere in the second stage. Really nice if you are coming from 340 ft and doing deco. I solved this problem not by changing regs under water, but got the decogas from a ccr diver in our mixed team group.
Just some examples of partially lost of gas.
I had a panicing diver with a twin12 liter and he drained his twinset in 30 minutes. No failures, he was just in panic. Experienced diver with around 350 dives.
I had a buddy who lost a fin and he used much more gas to swim back (we could not go back to surface directly due to ships above us).
Just some other examples.