No, it doesn't. But it reduces the risks if you can't see the HUD's process in the process list. Or if somebody find a way to camouflage it. I'm not a hacker nor a low-level expert, so I can't tell you anything about this. Maybe somebody who understand what and how Blizzard can scan and check, we will know more.
Now they can ban this in four three ways (as far as I know), both rises privacy concerns (-private opinion-):
- scan all Windows Process's main window's title (Notepad, Remote Desktop, etc, the usual titles) --> we are protected against this because the HUD's form's title is randomized
- scan all Windows Process and make a hash, checksum, etc of it's memory/code area, compare it to known values and ban if something known found --> sanbox can and will solve afaik
- detect memory reads (I searched half of the f*cking Internet to find a way how can a process detect that something is reading it's memory area, and I found zero solutions...)
- make a capture of the topmost windows, or of the entire screen, and send to to Blizzard for further investigation. But this is insane and I'm pretty sure they don't/can't/wan't do this or they will spend half of their lives in the court rooms on all continents...
TL;DR: they CAN detect TurboHUD, so it IS UNSAFE because it violates the EULA's section against memory reading.