I have a problem with my ABS light, not my SRS light, but if you are a bit of cynic when it comes to high-tech, high $$ systems that are designed to protect vehicle occupants in the event of a collision, pretend for a minute that you own a Mercedes without ABS, or SRS airbag. Would you not drive the car because of the lack of these systems? I doubt it. So, if one or both of these systems screws up on your car, IMO, you are now driving the equivalent of an older model not so equipped.
Your brakes won't fail you if the ABS doesn't work properly. They just won't assist in preventing lock-up in a panic stop. Similarily, the airbag won't suddenly deploy without being triggered by the sensor box, but may not deploy when it should, if there is a malfunction in the system. I'd trust the engineers on that. SRS malfunction or not, the manual inertia locking device built into the seatbelts should also continue to work, just like in a non-SRS vehicle.
I removed my instrument cluster, taped over (not removed) the ABS lightbulb, and put it back in. If the SRS light was on, I'd do the same.

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1986 560SL
2002 Toyota Camry
1993 Lexus