Ford dropped using magniesum for radiator supports a few years back as the warranty costs were huge!!! They would corrode away in as little as two years under the right conditions.
I have very little doubt that a plastic fender has any more or less crash value then most of the fenders on vehicles now a days. What car companies rely on is special crush zones as well as high strenght metals within the inner structure for higher speed crashes.
Yes, they're designed to deflect motion away from the cabin (occupants). If you look where the fender of a car bolts to (called the apron), or actually on the frame rail itself, you'll notice it has several divots (convolutions) that are intensionally engineered to buckle/collapse during an impact so it deflects energy away from from the cabin.