There are very great risks in truing wheels, but none of those is related to a truing stand.
If a spoke is on the brink of failure (especially likely on a used wheel of unknown build quality since the spokes may not have been stress relieved initially, but can happen on a new wheel because new spokes can have undetected manufacturing defects that would have been detected if the wheel was used for few thousand kilometers), tightening it with a spoke wrench could break it. If a tensioned spoke breaks, the end shoots out at very great speed. If you have your eye in the path of the flying spoke, it WILL make you blind.
However, this can happen with a truing stand too. Nothing in a truing stand can prevent it. To prevent this from happening, true a wheel with at least the rim tape on, because it will catch the flying spoke end (assuming a high pressure rim tape here, not a low pressure rubber one). Also if you have a tire (which implies you have the rim tape), it will present an even greater barrier for flying spoke ends.
It may also be beneficial to always tension spokes which don't fly towards your face. You can for example use a habit of only tensioning spokes facing down. This may be easier if you have a truing stand.