It does indeed seem a little safer when extended, but I feel that the danger of closing it far outweighs the additional safety during use, regardless of technique used.
Furthermore, and perhaps more as a side note: Even if something is decades old, does not necessarily mean that it was safe or wasn’t riddled with problems, but it does imply that the tool was at least usable when handled correctly. As much as I love them, I think helicopters in general are a fine example of this.