There's different kinds of bolts that get wired, with different kinds of goals and results.
My only experience is wiring bolts according to the rules for club racing motorcycles.
Some things, like oil sump drain bolts for example, wiring them will stop them backing out so far as to fall our, and while it will probably weep oil if it loosened enough to take ups the writing slack, it wouldn't dump all the oil out quickly.
Other things, like axle bolts, if it backs out enough to take up the wire slack, it'll have lost its clamping pressure and that's bad, but not immediately catastrophic. The major axle loads are all in shear so the wheel won't fall off, it'll just get more floppy than it's supposed to be. Long term it'd be bad and cause wear to the point that something would eventually fail, but it'd get you to the end of the race most likely, and hopefully the rider will have felt something odd and gone looking or a post race inspection would have caught it.