I've seen some warrants get flat-out canceled. Also seen plenty of spacs not complete a deal and the warrants end up worthless.
Just so that I understand what you're trying to do, you're thinking of buying the IPO itself? If so, I've never done that, but usually the warrants aren't free, when the thing trades as a whole unit, might trade at $11 and then splits into the stock trading at $10 and the warrant at $1 or some such. But I still wouldn't call it risk-free.
Frankly, what I think happens more often than not, is that hedge funds seem to get involved in SPACs about every decade or so as they are now. They bring one public with the required number of shareholders, then they buy back the shares from many of those other shareholders (who were their friends) and now they control almost all the float, and they can run a stock pretty easily. It's almost like an SEC-approved pump and dump. PHUN ran to like $500 or something crazy, but PHUNW only traded to like $3, because they weren't exercisable for a year after the deal or something crazy. And the strike price was in the teens or something. None of it made any sense.
You could certainly give it a shot, but there are still plenty of risks. Lots of spacs don't do a deal and give the money back.
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