My cheapo nasty "pub bike" had the bottom bracket go. Not a sealed unit - cup and cone. I rode it for months with the pedals rocking from side to side. Each time it started screeching, I simply laid it on its side, poured more engine oil into the steadily increasing gap around the crank, and it would be good for a few more friday nights, and trips to the shop.
When I finally got round to taking it apart to install a sealed cartridge, the rusted shards of the disintegrated bearing cages fell out, along with ball bearings that had surfaces not dissimilar to the moon.
In my case, I wouldn't have said it was dangerous, but it will be very annoying unless you're just doing very short journeys. I shouldn't go climbing any mountains, or doing any sprints until you have it changed though. Will it wear out other parts prematurely? Probably.