I don’t really know anything about the field other than having heard somewhere over a decade ago of a then-recent study showing that it is in and of itself carcinogenic, but it seems like nicotine and several metabolites have various cancer-promoting properties: https://pmc.ncbi.nlm.nih.gov/articles/PMC4363846/

But yes, it’s certainly less bad than getting the same amount of nicotine by smoking tobacco.