Yeah, pretty much. I mean, it's not as if there's zero risk, but for all intents and purposes, if you are not selling your encoded content, there is zero risk.

The software patents have not prevented Handbrake or OBS from being popular. They won't prevent OpenShot from being popular either.

But, aside from all that: If you are really paranoid, then use AV1 and Opus. FFMpeg is just as capable of encoding to fully free formats. Or do your final encode using a licensed product (On Mac, Compressor is relatively inexpensive - $50), and use open source software for everything else.