Theoretically, if the cable is made correctly, 4.4mm to Dual RCA is a safe design, the 4.4mm format supports the single-ended connection in its specification.
However, you cannot assume that the output of 4.4mm to Dual RCA is equal to 4.4mm to 4.4mm connection. The former is a single-end connectivity out of a 4.4mm socket, the latter is a balanced connection. When L- and R- output is not included in the 4.4mm to Dual RCA cable, you won't achieve the same output level. We didn't measure the single-ended output from the 4.4mm connectors, but theoretically, again, the rated output should be very similar, if not identical, to the 3.5mm output. So I don't see any advantage to going for a custom 4.4mm to Dual RCA cable, the only advantage is the 4.4mm socket being bigger and more robust than 3.5mm socket.