Not really unless the cheats in question utilize DMA. Most of these games have decent anticheats so they will detect any non-ultra premium cheat fast. Yes they are risky to install, some are RATs, and most of them are decent priced unless it's an aforementioned DMA or external cheat, which could cost $50 a month minimum, and DMA hardware is also decently pricy.
I only know this because I used to cheat years ago, but not for a competitive edge, just to rage with all the features and piss people off. It's honestly more fun playing games legitimately these days, unless you're playing Counter-Strike 2, because then you're just getting constantly shit on by closet cheaters anyways.