Sounds like the same risks as recreation diving when you don’t know what you are doing. BTW, you forgot decompression sickness and getting run over by a passing tanker.
Seriously, the whole idea is to experience and practice free ascents so you are far less likely to screw up and give yourself a barotrauma when there is a real emergency. You will discover your limits, so you won’t suffer hypoxia and drown. If you overestimate your limits during practice, put your regulator back in your mouth and try shallower next time.
I concur that it is always better when nothing goes wrong. Unfortunately, that plan doesn’t always work out so well. Yes, it IS possible to ascent on a single breath from 100 feet, in fact most people are amazed how easy it is after working up to 100' or more. I sure was. You have 4x the oxygen in your lungs at 99’. Making a 99’ free ascent isn’t quite as easy as swimming 99’ on four breaths, but not much harder.
Every piece of equipment adds some level of complexity and failure potential. Every procedure that depends on another person requires them to recognize the problem and properly respond. More often than not, accidents happen when more than one thing goes wrong. The more systems and procedures involved, the higher the probability systems will fail and a problem will be misjudged, misdiagnosed, and/or improperly responded to by yourself and others.
Say you were in a 4' swimming pool and your air suddenly stopped. Would you grab another regulator or just stand up? If you went for that regulator and it didn’t work, would you look for your buddy or just stand up? Now take it a little deeper, say 10’ where you had to swim up. Then deeper and deeper in small increments. The whole idea of experiencing and practicing free ascents is so they are not much more stress-inducing than just standing up.
There are two important values here. One is instinctively knowing that you will make it to the surface even when
everything turns to crap. The big payoff is that simple knowledge allows you to realize there is no reason to panic. IMHO, panic is far more dangerous than stupid and stupid is more dangerous than unlucky. The surface is an extremely reliable, available, and easy to operate backup air system… and the price is right. I see no reason not to use it.