Yes, if your initial intention is to get an iPhone through RP, then you are risking way too much money but if your intention is only gambling and you are able to collect enough RP, there is nothing harm in redeeming them for a prize.
I think it's complicated to get that much RP unless you have to spend a lot of money or rely on iPhone prizes from WOF, but I don't know, it seems like to get more RP you have to spend more money to gamble and do other activities on this site with a lot of time Also, it's not easy to collect a lot of RP, let alone exchange it for an iPhone. it takes more than five million RP to get an iPhone, which is a lot.

I personally usually use RP only to exchange it for FREE BTC 100% BONUS or 500% BONUS, because I am still actively doing free spins so I exchange RP only to get bonuses so it is easier for me to collect BTC faster because the price of bitcoin continues to rise and BTC income it's getting lower, so I don't want to wait and exchange it when the BTC price is too expensive and it's hard to get RP and Satoshi there. but it all comes back to intention