If it was a serious risk planes would be bursting into flames daily the sheer quantity of batteries that are on any flight these days is scary!
If it wasn't a serious risk, the Dreamliner wouldn't have been grounded. As I said above, I'm happy to comply with any requests on safety grounds - there's no hard shoulder up there!
In fairness the dreamliner issue wasn't caused by camera or phone batteries

Excessive heat, or if the actual lithium comes into contact with water, causes explosion. Shorting the terminals is a possible cause of excessive heat, so isolating the battery from the device avoids the problem in the first place, and it then doesn't matter whether the safety cut out functions properly or not.i thought the problem was with shorting the terminals causing fire? so they just need to be stored correctly.