Not nearly as likely, although it is still possible. If the pump leaks, you may get some water in, but generally not nearly enough to sink the boat. The reason you are instructed to put the vented loop between the pump and the bowl, is that if you put it between the through-hull and the pump, you will draw in air when you pump the head, and won't bring in any water - the pump won't prime. With the vented loop on the output side of the pump, it won't affect the pump's ability to prime, but will still offer you a good deal of safety.
Sure, if the pump were to crack,or a hose come off, or a seal in the pump fail, you could still get unwanted water into the boat but again, USUALLY not enough to sink the boat, unless it is left unattended for weeks at a time. In that case, simply turn off the seacock at the supply water through-hull before leaving the boat (that's why it's there), and you're as safe as you can possibly be.