What's that component between the engine and wing?
It's a hard-point called an "engine pylon".



And yes, some designs use specific points designed to fail if there is excessive force, allowing the engine to separate from the aircraft without ripping the entire wing apart which would obviously be a catastrophic event. It has happened on a few occasions.

The above image is from the Wikipedia page on the American Airlines 191 accident, where, due to a faulty maintenance practice of using forklifts for removing and reattaching the engine/pylon assembly, the aft bolts were damaged. The pylon eventually failed, allowing the engine and pylon to push up and over, separating from the wing.

Other examples include China Airlines 258 and El Al 1862.