Oh, of course, much, much riskier. I don’t know how warbirds specifically compare to GA more broadly, but GA itself is considered to have a similar fatality rate to riding a motorcycle, which is itself 28x more deadly per mile driven than operating a car.

Now add in the fact that old fighters like the P-51 can be a handful to fly, have much more complicated and unforgiving engine management profiles, and many quirky aerodynamic qualities, and it‘s inconceivable that warbirds aren’t an order of magnitude riskier to fly than a typical GA plane.