I read that a little bit differently ... more like, it was designed to be able to lose an engine during takeoff and still be able to land safely somewhere close for repairs.
This is a four engined plane. I you were talking about a 777, 767 of other twin-engined plane they would be required to land as soon as possible. In fact under Extended Twin Operations (ETOPS) rules, they aren't allowed to be further than 180 minutes flying time on one engine away from an emergency landing field at any time during a flight. Three and four engine aircraft have much more flexible rules for diversion to another airport.
Yep.
It's called a safety factor.