Are you aware of how much Aerial Mobility you have in terms of being able to move forward/backward in the air during inhale?
It's pretty crazy that I can ledge jump on PS2, hold forward with inhale and grab someone on the platform near the ledge and then hold them back to get dat suicide.
I personally use it more often these days, ever since I got quite solid with his wavedash OoS, the flailness of him in the air (to get hits/approach/etc) isn't as big of a problem anymore and going for aerial options are hence less expected/planned for by opponents.
The thing to remember about Inhale are the option-selecty nature of the input/and afterwards. Once you start inhaling it's very easy to adjust your fingers on the controller for superb DI, meaning the whiffs and the punishes are usually not bad. For that reason I don't think the risk/reward is poor, the risk is that you take a single hit and that you're a super fat **** who won't die, the reward isn't exactly a guaranteed follow up but it's a horrendous position to be put in and Fair covers nearly all options.
If dedede could get punished with grab by using Inhale, I'd be worried (as everyone has bull **** Sheik down throw variants [or they're low tier]), but on the ground most characters have to jump/use aerials to beat it or go for projectiles, I really don't find Inhale costing me important things, it really messes with people's heads when you have Marth sword range aerial and grounded grabs and inhale isn't something you can react to, especially with the respect people have to give for your Fair or FF into dtilt/ftilt/rar bair.