I've used a "break-away" collar long ago, and although I don't know that this one called KeepSafe Break-Away Collar is exactly the same, it certainly looks like it from these photos. I prefer not to have a collar on a dog when the dog is in a crate or around fencing where a collar can get caught. If your dog is in the right setting to safely wear a collar only for walks, by all means just keep their collar with whatever tags on it on their lead, and clip on before going out your door. If your dog is going to run off lead anywhere, by all means have the collar on complete with tags, and never let your dog/s run off lead without close supervision and in an appropriate setting. A friend of mine had a beautiful Labrador from my own bloodlines. She had let her dog out the back door, into her fenced yard first thing that morning and wondered why she didn't come back to join the family in the kitchen. Going outside, she found this black beauty hanging by her collar from a faucet that was way up in the air with the hose neatly coiled up and hung on the house. It was too late to save this inquisitive puppy. In another instance I know someone who gave her son a puppy for his birthday. They put the puppy in a crate when leaving the house for part of the birthday boy's party only to return to find that the puppy had accidentally choked herself while in the crate, which was supposedly for safekeeping. If only that collar had been removed before putting the puppy in the crate!
Choose a safe collar. Use it only when you really need it on your dog!