G'day Ketan, thanks for the warning.
I find that the Dremel cutting discs are more likely to snap when used freehand in a Dremel tool at over 10,000 rpm. It is caused by flexing and the lack of control when used like this. It's how I cut piano wire and shorten bolts.
I feel that held in a mill chuck with the Z-feed locked and the cut put on in a controlled amount by the X-Y table movement they are actually safer to use than when in the original tool. Also the RPM is lower.
Yep, always wear goggles. In the photo the shield was removed to show the bit more clearly, normally it is in place.
* Danny M *