Would the person that called it... continue to play their cards?
Not according to the rules:
...he has the option to call out "Tiki Tiki" and take himself out of the game at this point but score 10 points.
He is eliminated from this round by "cashing in" for 10 points.
So that's part of the risk, especially in a two player game, is that you leave the other(s) to use their cards to their best advantage without further interference from you. They try to do the best they can with what they have left, while you sit and watch (but score 10 points for your "Tiki Tiki").