Even on my four speed car, you have to push the lever thing down to remove the key, but you can still shut it off at any time and it won't lock the steering.
I knew a guy many years ago that had a Chevette. He came to class one day all bruised up. He explained that he could pull the key out while the car was driving, and he'd been jamming down the road finger-******* that key. Pulled it out and accidentally rotated the lock cylinder, which locked the steering, and couldn't get the key back in fast enough.