No, initiations are not worth the risk. I think initiations are idiotic. They are especially idiotic when they are dangerous. There is simply no reason to do any kind of dangerous initiation. A simple ceremony that is not dangerous or embarrassing is ok.
I think culturally we need to understand that in some parts of the world initiation rituals are valuable parts of being accepted into adulthood. So, for example, in some tribes in Africa you are circumcised, or in other tribes you are tatooed, to prove your "manhood" or your adulthood. I do think, that in spite of the dangers of such ceremonies, we cannot be quick to judge them too superficially - they do play a major role in helping mark the transition from child to adult in these cultures that I think we have lost in the West.
It all depends on what kind of risk is involved. If the health of the person would be in jeopardy, then I would be against it. But if it only results in embarrassment, and that's what it takes to join, then I would be for it.
We have too many drinking rituals in Korea for students to get into fraternities and clubs in which many students die from alcohol poisoning. I can see nothing positive about that.
How risky and how dangerous will depend on the the nature of rituals, and whether or not worth it will depend on what you are being initiated into.
However, the concept of rituals implies that these do not form the core of any useful activity, though they may serve some useful purpose.
general rule I follow is to avoid all secret rituals. For other rituals I go along without much hesitation commonly accepted rituals, such as we may follow for celebrating birthdays. For all other rituals - I may go along with with my friends and other people I trust when I see no risk.