That meaning the only way I think that would be less hazardous would be if you had a weak link in the conduit system back to the panel which would interfere with the fault return path.
In that case the ground wire that you just bonded to the junction box would carry the fault back instead of the conduit.
Like I stated before. Thats why I think of the equipment grounding conductor as a reinforcement of the conduit return path, not so much as a parallel return path.
JMHO.