Teste esse exemplo abaixo:

{
add_action( 'woocommerce_check_cart_items', 'bbloomer_prevent_failed_orders' );

function bbloomer_prevent_failed_orders() {

global woocommerce; failed = 0;

foreach ( woocommerce->cart->get_cart() as cart_item_key => $values ) {

  $_product = $values['data'];
  $order_id = $_product->get_order_id();
  $order = wc_get_order( $order_id );
 
  if( $order->has_status( 'failed' ) ) {
     $failed = 1;
  }

}

if ( $failed == 1 ) {
wc_add_notice( __( 'Sorry, your order cannot be processed as one of the items in your cart has already failed.', 'woocommerce' ), 'error' );
}
}