Yes, there is that risk, and no doubt many fall for it. Ego / self-esteem issues may be a big part of it. But then again, every worthy goal poses risks. When you fly a plane, there's a greater risk you'll kill yourself than when you stay on the ground, and yet airplanes are being flown and we're reaping great benefits from it.

RE IQ, personally, I'm 100% confused on the topic. I used to believe that Flynn effect is basically people getting better at doing tests, but recently I heard that someone controlled for that and the effect remained. So I don't know. The topic is complicated and most of studies I heard of are the kind of psychology and social science I implicitly assume is mostly bullshit.