Older equipment, whilst probably far better made by todays standards, often don't have modern safety features.
In many cases, its more that you could be safer than you are now.
Airbags are a good example of this: Classic cars likely wont have airbags as they were not a around when the car was made. That doesn't make the car unsafe, it just means that you are not as safe as you could be in the event of a collision.
Electrical equipment is similar in this regard. The electrical equipment may not be inherently dangerous if it is simply 'old', but it may be missing some safety features that are now required for its continued use.
Don't confuse this with faulty equipment. If a safety feature on a piece of equipment has failed, that will need to be repaired or replaced. Thermal cut-outs and overload devices are a critical component in the basic use of many things and should be operational.
The same is true if the equipment is damaged, broken, or missing shields or covers.
