Discussing liberal vs conservative in tech/decompression diving is very different from the same discussion for recreational/NDL dives. So much of the controversy in the algorithms for technical diving do not apply to recreational, specfically deep stops.
My take regarding the terms and recreational diving, the algorithm that gives the longest NDL is inherently more "liberal" and the less NDL more "conservative" since they all (that I am familar with) end with slow ascents and safety stops between 15 and 20. As has been pointed out, RGBM computers will not be that much different on single dives but will start to deviate from Buhlmann/DSAT with repetitive dives. The difference will depend on many factors, some known and some guessed at, such as surface intervals, depth of dives, dive times, ascent rates, missed safety stops...
One thing I find interesting, and this speaks a little to stuartv's suggestion that bubble models may in certain situations have more risk due at least in part to deep stops and increased slow tissue loading, my Cressi does just the opposite. The Cressi's recreational application of a bubble model does not give credit as freely as others for moving shallow. It gives some but it is simply not comparable to Buhlmann or DSAT for "riding the NDL." And it will not count down the safety stop until you are shallower then 20. And like many recreational computers, once past NDL, it wants to be at the safety stop level period, at least at the deco times I have seen thus far.
So yes, for recreational diving and even "lite deco" my Cressi is
unquestionably more conservative then any of my other dive computers, even my Petrel on VPM +5.
Now to the OP's question of algorithm choice and risk. Like a lot of choices in life its a question of personal risk tolerance. Stuartv nailed it with the risk being exceedingly low for all recreational dive computers. If I was young and had no health risks I too would pick the dive computer that gave me the most BT. But not being young and with some special health risks I dive a very conservative profile. But even I refuse to dive the Cressi on its maximum SF setting.