Absolutely, yes. No one would argue that this is not a massive risk. It's risky, and there are lots of regulations that make it safer.
But just because it's risky doesn't mean it should be illegal, which is what OP seems to be implying. It's a risk, but ferry pilots do a lot of smart things to mitigate that risk.
Aviation in general is a risk, which is why we have massive tomes of rules  that make it safe. And even if you follow every rule to the letter, bad things can still sometimes happen that are completely out of your control. Weather could go south in a hurry, or you could have a mechanical issue and lose an engine. How you deal with those issues will decide whether you live or die.
It's risky, but it's not illegal. With a properly trained pilot and a properly maintained airplane, those risks can be controlled. Part of being a good pilot is about minimizing risk wherever you can and being ready for anything that can possibly happen in the sky.
FWIW, I would not even dream of doing a flight that long over water, and I have massive amounts of respect for those who do. Hell, I never fly further from shore than I could glide if I lost my engine. The thought of being alone in a Cessna over the North Atlantic without being able to see the shore scares the hell out of me.
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