It is OK to choose a different set of risks.
Many risks are increased by going to hospital.
Many risks are increased by staying at home.
Everything else being equal, there is no wrong choice, and a lot to be said for the comfort of the mother. Both because its her doing all the work and because the birth is more likely to go well if she feels safe and supported.
We used to breed kittens and small mammals at home as a child. I guess it was drummed into me to give the mothers a safe space, do not interfere. Do not touch. Do not disturb. Do not disrupt the natural process because it has big repercussions. Quiet, calm, dark, private, safe smells. Many would ignore the nice birthing places we had set up for them and choose utterly inaccessible holes where they felt safe (one memorably behind the bath)
I felt the same about giving birth myself - though I managed to resist the temptation to crawl behind the bath.
Going to hospital increases some risks.
Risks of getting there - giving birth on the side of the road is a massive risk I really wasn’t prepared to take. Having an accident because of a distracted driver. Having to involve an unknown taxi driver in my very intimate process knowing he’d go home and tell the story. Giving birth without a partner because they are doing something ridiculous like finding a parking space, topping up the meter or getting a coffee. Giving birth in the hospital car park. Not being believed and being sent home. Having to labour in public in corridors and find our way through a maze of stairs (our labour and delivery is on the fourth floor) to get any help.
Risks of having vaginal examinations and the risks associated such as rupture of membranes, infection, stalled labour. The actual labour risks are well documented, some higher in hospital some higher out of hospital. Risks of infection generally, for mother and child, especially in a pandemic.
Having to go to a postnatal ward, lack of privacy, inability to shower, bath or douche when needed, no guarantee of a private or clean bathroom, no one to watch the baby. Visiting hours. The other parent of the baby being asked to leave their hour-old infant.