Will a BLOB Eat All My Memory?

Probably the most common usage for large objects (CLOBs and BLOBs) is to store them in a database table. In this circumstance, it feels intuitive that you won't have a lot of concerns about memory, because the database will simply store those objects in datafiles like it would any other kind of data.

But BLOBs and CLOBs can also be declared as local variables in a PL/SQL block. We typically expect local variables to be housed within the memory for that session (the PGA). There are explicit calls in the DBMS_LOB package to create a temporary large object, but what if we do use that API? What if we just start bludgeoning a local variable with more and more data? Is this a threat to the session memory and potentially the database server?