No, you need to prevent the current flow through the diodes being too large, since
that is what sends the chip into latch-up. Series resistors of a few k work.
Latch-up can be chip-wide and can destroy the chip. It happens when the chip is
powered and excess current goes into a pin. When the chip is unpowered there
may be no latch-up, the protection diode just gets fried. Of course applying 5V to
any pin will power the chip up via the protection diode, which then goes into latch
up if the protection diode can still carry enough current (a fried diode can become
a very low resistance path).
Modern CMOS chips are more latch-up resistant (often 100's of mA are needed),
and its rare to see it. Symptom is the chip gets very hot very quickly and then
fails. Removing all power ASAP can save the chip, but luck is needed.
Older CMOS chips were very sensitive to latchup from small currents and noise
pulses could trigger it.