Yes, but without the vaccine, most people will get infected by real COVID, which introduces the same spike protein (in an uncontrolled quantity, as the virus is replicating) and several other proteins, causing even more damage. Is this a better outcome?
> we have government regulations and protocols that concern drug approvals to make sure that the general population is not exposed to unnecessary risks
These protocols are tuned to be super-safe when there is little at stake. With a raging pandemic, with a nontrivial mortality/long-term effects/economic and societal effects, you are going to change this.