The most obvious thing is: you will lose power transmission immediately. That once happened to me on a vintage Moto Guzzi LeMans while overtaking (the cardan drive's joint broke apart, but didnt block the rear wheel). That was absolutely not funny.
Apart from that: it depends if the snapped belt just flies away or if it obstructs/blocks the rear sprocket (very dangerous instant blockage of the read wheel). A chain is probably more prone to that than a belt.