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Well, I havent found anything concerning this and the game info doesnt help... I suppose since ribbons are a legacy of FF it should protect from status/instant death etc, but if not Id rather use protect rings... Which ones do you think are better by the way? Maybe I should use 2 ribbons and 2 pro rings :P
Ribbons have never protected against instant death / doom, as far as I know. They don't in FFV, FFVI and FFVII at least. There aren't any ribbons in FFVIII, and I never got the Ribbon auto-ability in FFX.
There are ribbons in FFVIII but they're part of the pocketstation quest
According to gamefaqs:
RIBBON
"Item that always keeps Mog beside you."
Useable by Zidane, Vivi, Dagger, Eiko, Quina, Amarant, Steiner, and Freya.
Strength+1, Magic+3, Spirit+1, Defense+1, Evade+5, Magic Def+1, Magic Eva+4
Reduces Fire/Ice/Thunder/Holy damage by 100%.
Absorbs Water/Wind.
Provides Madeen, Ability Up, and Guardian Mog
So, unless that is wrong, no Ribbon doesn't protect against status ailments and the like like it did in previous games.