That doesn't terrify me at all.
Firstly, and most obviously, it's big enough to see and avoid if that is your preference.
Secondly "
Most encounters cause temporary pain and localized redness" sounds like a pretty mild risk, even compared to the kinds of jellyfish one might encounter on any day at any beach near me.
What scares the crap out of me is this little fellow, the irukandji:
It is tiny and translucent - virtually invisible. They are found in tropical waters in northern Australia, but with global warming they are moving further south each season.
Every survivor of their sting describes it as the worst pain they have known by massive margin. Apparently the pain comes in successive and increasing waves. Just when the victim thinks that it can't get any worse, it does. Again and again until unconsciousness or death.
The pain is accompanied by psychological effects, usually described as a feeling of dread or impending doom. Most survivors say they begged for death or would have welcomed it.
Many "unexplained" deaths by heart failure while swimming, including a couple this year, are thought to be undiagnosed irukandji stings.
I'd prefer your big, cuddly
Cyanea capillata any day.