The biggest risk for students is an unmotivated student paired with unmotivated or incompetent teachers and resources. This has always been true, and nothing changes with AI. For motivated students, AI provides yet another resource that can be extremely useful, e.g., as a cheaper and more available tutor, but these students always found ways to learn even before AI or computers. For unmotivated students, AI could be used for cheating, but with or without cheating, the presence of AI for these students does nothing and changes nothing.
Perhaps AI might change the distribution of grades, as some cheaters will receive higher grades. However, cheating is as old as time, and grade redistribution due to cheating has likewise always existed.