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MarkusS who has knowledge about such things has said that super cavitation bubbles do not collapse, and in fact they are self-sustaining.
Which makes sense, since the Russian super cavitation torpedo has been active since the 1970's without ever experiencing a bubble failure/collapse. If there has ever been such a bubble failure I have not been able to find any such instances on the internet.
The more important thing now seems to be how to avoid undersea "debris" or obstacles, maybe whales or anything like that. It seems like it would be very difficult to avoid such obstacles, though maybe not impossible, depending on how the technology evolves.
Until then it seems a bad idea to use it for manned submarines. Maybe unmanned submarines or long-range torpedoes would be the best bet.
Torpedoes are already very lethal as they are, if we can use this technology to increase the speed and extend the range, it could end up being a very valuable weapons platform for many countries.