Nope, it doesn’t run in safe mode. Here is the output with username / machinename replacing my details:
(base) username@machinename ~ % /Applications/Sublime\ Text.app/Contents/MacOS/sublime_text --multiinstance --debug
:0 startup, version: 4200 osx arm64 channel: stable
:0 executable: /Applications/Sublime Text.app/Contents/MacOS/sublime_text
:0 application: /Applications/Sublime Text.app
:0 working dir: /Users/username
:0 packages path: /Users/username/Library/Application Support/Sublime Text/Packages
:0 state path: /Users/username/Library/Application Support/Sublime Text/Local
Unable to init shm: Failed to create semaphore
(base) username@machinename ~ %