Yes. Power supplies up to 60VDC are typically designed to fall under SELV and are considered intrinsically safe. SELV requires isolation and a single fault tolerant design. Here is some additional info:
I doubt the USB-C power negotiation feature is specifically a safety function, but as other comments have pointed out it makes the system even safer.
I haven’t looked at the spec, but I wonder if there is any functionality that prevents a power supply from applying 48V all the time. i.e. is it possible to deliver a functional charger that is not SELV and has no power negotiation?
Also, old timey phone lines, like back in the day when you plugged a phone into the wall, that had 48V DC on it. But not 5A, mor3 like 600ma. But in theory, not enough to kill.
It’s not really the same. The 48VDC of USBC is switched and will be constantly monitored for over or unusual current. A telco doesn’t care and will allow draw to its full potential all the time.