Your IP is exposed to the Electrum server(s) you communicate with. Since anyone can run an Electrum server, you should consider this to be public exposure. These servers could record your IP if they wish to, and use it for any purpose. This is more exposed than running an ordinary full client: in that case, your IP is exposed to your peers, but even your immediate peers don't know it was you who created a given transaction. In either case, someone could record the IP they first saw the transaction from, which would often be geographically near you (maybe even your IP).
This does not make it unsafe in the "people can digitally steal my coins" sense, but it does reduce anonymity. This might make it unsafe in the senses of: "people can more easily find me and beat me until I tell them my password so they can steal my coins" or "people can arrest me for my actions" (if you're doing something illegal).
If you're concerned about that, you could run through Tor to hide your IP.