The thing I hold tight to, is that Putin WANTS us to fear escalation (be it all-out WW III, or whatever).
If I look back at the news, there's a fairly clear pattern. An escalation, and then a couple of days of plateau, then an escalation, then a couple more days plateau.
The regular grind of escalation is required to keep people scared.
We get used to the plateaus very quickly (humans are more resilient than we expect ourselves to be). So a constant cycle of escalation is the only way to maintain the fear.
In the early stages of this war Putin said that the response to NATO aggression would be 'immediate' this is a lie, it's a lie to make us fear that the worst could happen at any time, and that any escalation could be the last before nuclear holocaust.
If I were a cynic, I'd tell you that even our Western governments proliferate this fear, fear keeps us compliant.
So yes, there is a risk, and yes it IS scary, because it's designed to be scary.