I did USCF racing during my wasted youth, and then again for a few yrs in my early 30s.
Maybe it was luck that I never went down in a race.

One of the last events I did was a circuit race with a monster downhill near a ski resort.
Pavement quality on the descent was bad and the organizers cautioned beforehand...
Of course, that didn't stop people from going full-gonzo.

One guy hit a pothole and went airborne into a guardrail, as he bike cartwheeled past.
Apparently he required facial surgery, and had no medical insurance.
This was before go-fundme, but a call went out within the cycling community to contribute.
Personally, I felt if you don't have health insurance, shouldn't you be mindful of the risks you're taking?

Agreed, this is a hobby, and risking injury for $100 prize money is hardly worth it.
So why not get your kicks doing centuries, sportifs, and triathlons only?

The adrenalin rush ain't quite the same, but it's similar.
And centuries.. you can always jump in w/ a group that's riding balls-out.
It's not officially a 'competition' -- but in my Walter Mitty mind, it's the TdF, and our break is 8minutes up on the peloton. :)