I honestly don't think the spinning elbow is as difficult or risky as its being made out to be. It's a relatively simple technique; the main issue is the timing and setup.
The risk isn't that great because of it's surprise element. Even if you throw it 5 times in a fight, its still not a technique that your opponent expects or reacts to quickly.
Compared to throwing a regular body kick or low kick where the opponent can check with a shin, grab your leg, or counter to your unguarded side, there isn't much of a devastating counter to a spinning move.