Personally, I think if you’re planning on selling the products to a lot of people, any money you paid a safety consultant would be well worth it. It’s just part of the cost of doing business.
I’ve been in the toy industry 15 years and can still never fully anticipate safety issues. I’ve thought about getting some of my own ideas produced in the future & will definitely get some professional safety advice before putting anything out into the world in any significant quantity. That said, stuff I make in my home wood shop just for my kids, I don’t do any safety testing on. I feel confident that they are safe and I know that my kids are well supervised. But you never know what’s going to happen with something you create once it leaves your hands. And people in the US are ridiculously litigious.