I'd say that if the context of your deployment makes it risky, then it's a bit of a smell. I'd start trying to work out why it's risky to deploy this software, and how I can reduce that risk, rather than avoiding it.
Clearly changing a typo in a greeting message, or adding a single line of CSS to adjust a margin on something is always going to be less risky than an functional update that adds a new feature to a product/service. With all the best efforts to reduce the risk, there is always going to be a difference in risk level for any single piece of work, just like there are differences in the effort of work for any given user story. Taking this into account, deployments are always contextual, and like smells (code or otherwise), that's not necessarily a bad thing. It's just a single measure of risk, and something that shouldn't be taken in isolation.
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