Depends how you use it.

If you just want to execute it then it is a footgun - using only the !command syntax.

If you use the !command:p syntax then you are just printing what command has been executed instead of invoking it.

Example.

    % uname
    FreeBSD
    
    % !uname
    uname
    FreeBSD
    
    % !uname:p
    uname
    
    %