It's not primarily about danger, but about driving at speed and manouverability. I have driven the Grand Priz track in Monaco a few times before and after the race. They changed the usual traffic-flow patterns at the west harbour end to create the loop and this can be done more than a week in advance.
The track is a very easy ride in a regular car under normal conditions. But in a Formula 1 machine with 12 others buzzing around you, it is one of the most difficult of all the tracks, but without being dangerous. Its all about acceleration over short distances, breaking hard, turning tightly, banking and rapid gear changes.
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