blind-confused The description warns you that using this function "may cause unreliable service; use at your own risk". Does this mean that there might be a risk of not receiving calls at all? If yes, in what kind of situations can that happen?
If the supported configuration for a carrier doesn't enable VoLTE, that could in theory be because the carrier has some support for VoLTE but it's not working well yet. In such a situation, forcing it on could result in missed calls.
blind-confused If the other person has no VoLTE or VoNR support, will it automatically fallback to other services or whatever?
The network should translate the call.
blind-confused In case VoLTE and VoNR are not supported in my area, will enabling the setting cause my phone to constantly try to scan around for them, creating more traffic/bandwidth?
VoLTE, probably not; VoNR, possibly?
Overall, VoLTE forcing is intended to fix a situation where the carrier actually requires VoLTE for calls but Google's official carrier configuration information doesn't show the carrier as supporting VoLTE -- and should arguably not be used in other situations. VoNR forcing in an area without VoNR coverage, or if a user's SIM card is subscribed to 4G but not 5G, is not likely to help.
These toggles weren't shipped as a way for people to turbocharge their interactions with their carriers; they were shipped to enable people to make calls when they wouldn't otherwise be able to, due to basically clerical errors.