Technique will fail, but that's not the end of the aikido. As long as I have a connection with the opponent, the aikido continues. So ikkyo becomes irimi-nage becomes koshinage becomes kokyunage. It will probably not look pretty, not like all the demonstrations. But, ideally, the aikido should never start and never stop. It should always be in effect.
I think this is a very good way of putting it. Waza are endings , set pieces for study.