Being one of the show skiing types - I have a release on my boat all of the time. I have slalomed on the release and had a couple pre-planned "surprise" releases to test out the concept. I have been released once in an OTF fall. If you have a diligent observer, you can be released from the boat at the starting stages of a fall. Of course, you may have been able to pull it out and ski away from the trouble, but once the rope is released from the boat, you are done. If you have a full load, you may have some recoil from the load being released. The bitter end of the rope has not reached the skier in my few scenarios and experiments. So, is it safer every time? No. Are you less likely to suffer severe head, arm, or other contact trauma with the rope/handle? Yes. Could you strike your own face with the handle in certain circumstances? Plausible, but I have not seen this, yet.
So, there is no perfect solution. I tend to use the release whenever possible with beginners as they sometimes forget to let go and to have body parts in weird combinations with the handle. On the tower, 100% of the time as handle passes are problematic with handle injuries - especially for beginners and those learning a 540 or more.
Karl