Whether that's an acceptable risk is up to you. Having lived in central Texas, it's a region known for it's flash floods, and you should take the warnings seriously. If there's heavy rainfall - you should be asking where all that water will go.
In this case, I hope that Texas looks into upgrading their alerting system so that people get word in time to leave the area. The news was saying the weather center added additional staff for the storm (five meteorologists) but if their forecasts can't get to where they're needed, that's not good enough.