"plane will automatically go into its failsafe settings which you decide. Exam. Throttle to idle, control surfaces to level or set it to turn circles...whatever you input. "

This is NOT exactly true, this would require an autopilot like feature which it does not have. You can set it to have preset control positions. This can be "last known position" or "a position that you select", the airplane can still crash. This can be a good feature but is also a controversial feature with some. I will not take a position on it.