Technically yes. But we're pretty accustomed to this level of risk. For something like this, the pros far outweigh the cons involved. Yeah, it could fail. The maintenance overhead of this is absolutely minimal and took a handful of hours to have tested and in production.
Also worth noting, that this isn't really a single point of failure as a system wide thing. It'd only be a single point of failure on that single node. So if haproxy decided to explode, only that one machine would have a problem momentarily, while the process got started back up with our process manager.
The worst case scenario is a human error where we ship a bad config and break everything.