There are perhaps 3 main risks.
Firstly, as Colin says, that the Dashboard would give entry to an attacker that could then be used to move on to more valuable targets. That we don't know of any right now doesn't mean that there aren't any though that is somewhat mitigated by the fact that Node-RED is still a modest target and so probably hasn't received a lot of attention.
The more obvious risk is that only limited security is currently available and so an attacker could intercept traffic and - worse of all - if you are using Node-RED as many of us do, for home automation and security - an attacker could control automation systems within your home. Imagine coming back from holiday and finding that the heating had been turned up to max for the last week or two. The bill on your water meter maxed out and plants dead because all the garden watering system was turned on fully and left on. You get the picture hopefully.
The third risk related to the first. That an automated bot network discovers your network, finds a vulnerability and sets up a link to a command and control (C2) service. It then becomes part of a botnet that extends attacks across the Internet
The first risk is a major problem in any network and a common form of attack - but generally only with high-value targets which your home is unlikely to be.
The second risk is also fairly unlikely to occur but the impact could be enormous if you have potentially sensitive systems such as the ones mentioned.
The third risk is actually the most likely to occur. While this might not really have much direct impact on your system, it has a massive impact on the rest of the Internet and leaves you open to legal or even criminal damage charges and explanations to be made that you would certainly prefer to avoid.
Only you can assess the risks and the impacts but certainly none of us want to wake up to a headline that implicates Node-RED in an Internet botnet and none of us want a headline about someone's house burned down because of Node-RED.
As for me, this is an easy choice to make. A significant part of my job is to ensure that my employers systems are secure and I can't do that if I end up botching my own security. Nor do I want to make the Internet an even worse place by allowing my systems to be part of a botnet. And though I don't currently have automation on really critical systems, that might not always be the case and I don't want to have to constantly think/worry about that. So I don't connect Node-RED to the Internet directly and probably won't for some while yet.
What I can do in order to get remote control over my system with little risk is to use a secure messaging system such as Telegram to act as a go-between. I can get Node-RED to talk to my mobile devices via my Telegram bot. I can also control the system via simple commands. The bot is limited to specific Telegram client ID's and devices and all comms takes place over secure channels. I have to trust the Telegram service but that is a vastly lower risk.