I'm kind of torn on this.
On the one hand, I was lucky enough to grow up in an environment without much supervision; just about the only fear drilled into me by dad was "don't screw around with electricity". Other than that, we got up to a lot of trouble and the sensation of visceral fear from a massive miscalculation of physics was something I got accustomed to, amongst other forms of childhood terror of my own making. From my perspective, it's hard to argue in favor of a sheltered, over-safe childhood compared to a childhood where boys will be boys.
But on the other hand, minor scrapes aside, a close childhood friend died in an ATV accident that was completely avoidable if we had any sort of safety standards, and I did crack my skull open once and had to be rushed to the ER.
I wonder what the right balance between the two would look like.