A burst is going to happen. No way to stop it now. The hope is to make it go like a roman candle as opposed to a M80.
Eventually, the tank will fail from the heat. Peroxides will burn under water (well, many of them will), so this is about protecting some of the area, no longer about asset preservation.
Leak before burst describes a pressure vessel designed such that a crack in the vessel will grow through the wall, allowing the contained fluid to escape and reducing the pressure, prior to growing so large as to cause fracture at the operating pressure.
Many pressure vessel standards, including the ASME Boiler and Pressure Vessel Code and the AIAA metallic pressure vessel standard, either require pressure vessel designs to be leak before burst, or require pressure vessels to meet more stringent requirements for fatigue and fracture if they are not shown to be leak before burst.
I suspect these tanks are so small as to not be classified as pressure vessels and are more like simple containers. That would limit their size so hopefully any explosions will be small and distributed over a long duration of time.