I don't see that it's any more or less safe than any other method. Is it cheaper and more efficient? Hell yeah!
Solve safety by attacking root causes and their immediate symptoms: overvoltage, overheating, short circuits, etc. In and of themselves, the converter and regulator will run ~forever.
Best would be a 5-3.3 converter also, but that's really not necessary for low current consumption (under an amp, say). For that case, an LDO is a cheap and quick way to deal with it and be done!
Tim