The Timberhitch is as safe or unsafe as any other knot or hitch. It needs to be tied properly, dressed and set.
Its a good hitch to know and use. I dont use it all that often myself, but do on occasion. Its critical that the hitch is seated and in full contact around the wood for the full length of the hitch. Also be sure to wrap the hitch in the proper direction so the twist on the hitch opposes the load direction, so it doesnt roll out.
The timber hitch also retains 90% of the rope strength, whereas the running bowline retains around 65% ? (going from memory on the RB strength loss, someone correct me if Im wrong). This would be due to less amount of sharp bends in the line.
Ive always thought the TH was the coolest hitch due to its simplicity. I think Im gonna start using it more often. I certainly do not think its an inferior hitch.