Yes. I think a senior designer/engineer/whatever in new product development should know risk, cost and timing. Risk is more of an issue in a regulated industry, but it does drive quality in all products. Knowing that stuff is a part of professional growth. Hot sketches will take you only so far and is a tiny part in bringing a product to market. My corporate overlords have 7, yes 7, design reviews in their official process. We had 1 before being acquired. We took some informal ones and stretched it to 3 to be “compliant” to corporate practices. My point being is even if you want to avoid it, you learn new (and sometimes extraordinarily stupid) things everyday. Soak it in. Keeps it interesting and adds value to your resume.
In the example of risk driving design controls is in reality ridiculous, that product will fail, guaranteed. I think the risk people know this, but they do need reminding.