Swallowing a valve is a common engine failure for high performance engines. The valve breaks off at the stem and falls into the combustion chamber. The piston comes up, jams against the valve, and the engine basically comes apart.
He was forced to land immediately.
The story was more about the P-47. He was nearing the airfield (again!) when the valve broke loose. He was asked by the tower if he could do another lap of the airfield and give someone else priority in landing. The vibration wasn't so bad, so he said "sure".
After landing, the chief mechanic called him over and chewed him out for doing the extra lap. The mechanic showed him the engine, which was just turning rubble.
He was a B-17 navigator during WW2. On one mission, one of the four engines was hit by flak and stopped. The pilot talked to the crew, saying they had a choice. Three engines meant the B-17 couldn't keep up with the formation, and would get picked off by the trailing Me-109s, so they would preemptively bail out over Germany. Or, they could drive the 3 engines way past their rated power, and pray they kept turning for the many hours of the return flight. They risked crashing into the Channel.
They chose the latter, the engines held, and they landed back at base (the engines were scrapped).
I have my dad's "Lucky Bastard" certificate, he earned it :-) He passed away a few years ago, I doubt there are more than a handful of WW2 aviators left.