While spikes occur, and can damage the electrical system, the main danger comes from the fact that the battery acts as a filter for the pulsating dc in the alternator. Pulsating dc voltages can reach 40 volts or more. The battery filters, and smooths out these pulses to insure a safe, constant voltage source for the system. Removing the battery cable removes the filtering effect endangering the system.
However, in a pinch, on occasion, I have removed the cable to check the alternator, but the circumstances were special, and I do not do it as a matter of routine. So far, luck was with me, and no damage occurred. shady