An elevator should be fail safe, unless the fail safes are out of order too. As likely cause of death it’s probably at about the same level as being hit by debris from a falling satellite, but it’s fun to speculate about.
My bet for survival would be lying down on the floor. The g force will be much larger but it will be spread out over your entire body. In the more likely case described by Chaz1 where the elevator just fall a bit before stopping, just bend your knees.
