The "dealer" used the word "catastrophic" (potentially!) because most modern ICEs are of the interference design. Simply put,
that means that if the engine loses its timing (between the crankshaft and the camshaft(s)), the result is likely to be collisions between
one or more pistons and one or more valves, since the coordination between the shafts has been lost - and what would have been
normally a situation in which a piston reached TDC (top dead center) and the cylinder's valves were all closed, the piston may arrive
"early" or the valves may be operating a bit "late".
I don't know why the dealership suggested the engine had lost its timing. If it was meant to be a SWAG, then it was unprofessional.
In any event, without proof this was the situation, it was, at best, irresponsible to suggest such a thing.
Was the "check engine" fault cleared? Has it returned? Is there another Porsche dealer within reasonable driving distance? A dealer
service department needs to perform some diagnosis and/or troubleshooting in order to identify the root cause for this warning display!
Good luck! (again...)