I would say it is both.
I say that because when I pass the places I crossed those roads, the traffic itself looks downright frightening. I don't remember this many cars. I don't remember them going _this_ fast.
I spent a some time on my childhood street and saw some teens throwing football. The number of times they had to get out of the street for cars was surprising. And we never had to "dodge" oncoming cars when playing games in the street. I remember someone would say "car" and we would have plenty time to move.
As far as the stranger danger, as an adult male I have zero interest in helping any kids in need. If I saw a kid outside fell and scraped up their knees I would probably not come to their aid. Maybe text a female neighbor.
But as young teens we definitely came across creeps. A female friend's sister took us to a strip club when we were 14. With that as a baseline...
We did things that were dangerous in any context.
We explored abandoned buildings. We jumped on slow moving trains. We rode down steep hills and jumps without any helmets. Swung from insane tree rope swings, some from 10-15 foot tree branches and some from much higher. We climbed bridges under construction. Went out on ledges that seeing today make my feet tingle. We climbed the drive-in theater screen to the top. Carried old bikes up there and threw them off. My dad made me a zip line from my tree house, over the pool, and to a very small perch in a tree. You were meant to jump into the pool (4 feet deep). We made camp fires supervised and on our own. We shot weapons at 10. Explored remote creeks and piloted small craft (15 hp). Drove around the city a good year before my actual license. At 15 we would routinely drive to another state to go a beach. At night sometimes.
Apparently from typing this, I had a real love of heights when I was younger. We had a rope swing in the back yard tied up to a branch some 30 feet. I would climb to the top and grab the branch regularly.
I think I was considered a bit less adventurous than some of my friends. I honestly have no idea how we didn't die.
But as to your question. The city used to be covered with tree swings and I haven't seen one in ages. I would guess they are considered dangerous today, or moreso a liability. Helmets for bicycles were just _not_ a thing - a changed norm for society and myself very gladly. Kids still enjoy access to weaponry, especially in the deep south. But that will be supervised instead of some lessons and "here you go". I know of teenagers that go sailing, boating, etc. I think the age range simply shifted up a few years.