It's Dangerous as all hell. Lots of atomic hydrogen, most powerful acid, atomic oxygen, hydroxyl radicals (OH). It'll essentially etch the surface lifting, say, tungsten atoms free, which then burn (combine with the oxygen) which doesn't sound so bad. But everything else is combining with the oxygen, hydrogen, or hydroxyl. The "Everything else" is unpredictable. And that makes it dangerous.
Oxy/Acetylene is not particularly safe. Wouldn't want to use it on a fuel tank. Wouldn't want to stick your hand in the flame. No industrial process is totally safe.
Your response is typical to anything done today. "It's too dangerous". EVERYTHING is dangerous if used improperly. You ever see that satire about the dangers of water. They called it "dihidrosomthingorother" to make it seem evil and then gave all these "facts" about how people had been harmed by water.
Perhaps this stuff is more dangerous than alternatives (high pressure O2 tanks transported around in old pickups). But NOTHING is totally safe.