That's not how it works. Both MHOs are handling traffic if your uplink bonds are configured that way. If the downlink from MHO1 to SGM3 goes down, SGM3 will go down due to the explanation above. SGM1 and SGM2 will still be receiving and sending packets through both MHOs.
You can also have dual-downlinks between each MHO and SGM, if you're concerned about redundancy here. If one of the downlink cables is unplugged, the SGM remains up because still has the other downlink connected to that MHO.
If MHO1 itself goes down, all SGMs remain up. This is because all the uplinks connected to MHO1 are also down so there's no packet handling issue as they are all going through MHO2 (if your uplinks are done properly).