I'm afraid to say but yes the timing belt snapping can cause serious damage to any engine.
The inlet and exhaust valves can put holes in the top of the pistons, bend the con rods and or bend the valves.
You could try fitting a new timing belt once all the pulleys have been aligned and try it.
If its broken already it's not going to do any more damage.
You may be lucky and the pistons have not hit the valves.
danny
March 2008