Why don't you think about it by yourself? Do 16-18% APY a legitimate and long-lasting number? Why do many prominent investors not put their money into this stuff? Another essential question is, do you know how it technically works? I mean how could it generate that kind of percentage of the rewards?

You mentioned three factors of risk tied to the strategy. An inherent risk of external factors (hacks) and internal factors (rate fluctuation). Certainly, the risk does not outweigh the reward. So it is simply not worth it. The above post also explains nicely, but I rather suggest it is not even worth to be tried of.