it's as safe as bolt-on wheel spacers. if you use hubcentric ones, it should be fine on the street. you're bolting something on that is hubcentric, the load bearing is on the hub, and if the wheel you put on the adapter is also hubcentric, the weight is still on the strength of the hub.
but personally i wouldn't want to do any motorsports with spacers. i don't have any empirical evidence that it's actually less safe, just gut feeling lol
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