how many crypto yield products are just risk arbitrage?

trying to understand the risk profile of a product is so hard

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tldr - yes. 
my take: for "earn" risk, you have 2 major areas - smart contract risk and source of yield.  

smart contract => audits, immutable/upgradable codebase, lindiness 

source of yield => in lending, it mostly depends on the collateral asset you're exposed to (you care for liquidations to work correctly) or the underlying basket of assets that generates yield. 

by using most of the lending protocols, you're "outsourcing" the risk management to a third party like risk curator (on morpho) or governance (on spark, aave, etc). 

on your screenshot, the asset is an asset from Pendle (https://www.pendle.finance/), which is a quite advanced tool. 

* spark will be cutting the rates next week