In my experience employment is not lower risk at all, in terms of continuity of employment. Companies will fire you even in countries where your rights are strongly protected, the only difference being you get paid for the nuisance. This is not really a differentiator: let's say that incentivised employees get a month of salary for each year of service, then you can factor that in your daily rate as a contractor.

The big advantage is when you have strong rights and we're talking about long term illness. For example in Italy you can't be fired if you are truly sick for months: your employment will be retained, however you might not get paid, or not get paid fully.

Other advantages might be related to discrimination: for a young white male it might be easier to get a developer job, or for a seasoned white male might be easier to get a lead/manager role. It's the same with employment, but as a contractor, passing job interviews becomes a significant part of your job, as well as cultivating relationships.