"Yet" being the interesting word. Signalling technology, with similar fail-safe requirements, is already moving over to more open shared networks both wired and wireless, albeit track-side rather than on board the train. The signalling equipment itself at each end of a link negotiates all the fail-safe attributes of an exchange so transmission becomes transparent and only needs to meet a performance specification.
Yup, and it's really not all that difficult to engineer "yet" into "now" with current technology. The real obstacle will be to convince safety authorities, insurers, etc that it has been properly engineered and tested, and actually can be trusted.
1. All Ethernet components duplicated. 2 physical links between carriages, 2 switches per carriage, etc.
2. Ethernet spanning tree technology (the modern fast variants of it) to give automatic redundancy at interconnection points between the A and B systems, and localise the scope of any failures (the A switch failing in 1 car should only break the links directly connected to it, not the entire A network along the train, for example). A&B cross-connected in each car.
3. Ethernet Quality of Service (QoS) and VLAN to ensure that train and passenger systems are protected and isolated from each other while being able to share the network infrastructure.
4. Ethernet link and switch monitoring performed by the TMS in the active cab, to detect failed components.
5. All important and safety critical end-points connected to both A & B networks at their nearest switches.
6. An "if all else fails" E-STOP facility, either traditional dump a Westinghouse brake pipe, or a round-train electrical circuit serving the same purpose. Traction automatic cut-out linked to the E-STOP.
Even on a very long train, modern switched Ethernet should keep the max latency down to just 10s of milli-seconds, which should be quite adequate. It should be possible to engineer the redundant networks to recover from single failure in less than 1s.
That's the high level overview. 1001 little details in there for the engineers actually building it to address, but extremely feasible.