Maybe. A more significant risk is being hassled or throttled by an ISP if (and essentially only if) you're doing (not necessarily illegal[1]) P2P file transfers on their network.

At least given the lack of alternative ISP options in my area, I'd rather pay Mullvad €5/month than assume this risk.

[1] https://i.redd.it/jzf5jegdyb171.png