The message wouldn’t be to Putin directly. It would be to those both in his power base, or capable of disrupting it.
The goal would be to push Russians to the point they deal with Putin internally, and/or put putin in a position where he needs to end the war to stabilise his own position. It’s all about making the right people feel the effects.
Oh, and as a European, I think the risk is acceptable. If Putin struck at a NATO country, the results would likely be swift and short. The only unknown would be Russian nukes, and even those are far more of an unknown than most people think.