I don't have a background in cryptography, so bear with me if this is an obvious question.

Hardware wallets like Ledger Nano S can be used to set up multiple cryptocurrency wallets using a shared seed word. To be more specific, I can use one Ledger Nano S to access one Bitcoin wallet, one Ethereum wallet and so on. They all share the same seed word, which is used to derive the private key of the wallets.

So, is there any added risk when one hardware wallet is used to access multiple different cryptocurrency wallets? For instance, is it possible that the Ethereum blockchain data could at some point be broken to obtain private keys/seeds and using this information also access the Bitcoin wallet, or vice versa?

Keep in mind that there are many insecure hashing (MD4, MD5, SHA-1..) and encryption (DES, RSA with short key...) methods nowadays. In the future, probably a lot more.