You generally keep OS and storage separate for functionality, not necessarily because one is more safe than the other these days with more advanced journaling filesystems that can self-heal and keep things pretty safe and sound.
The main drawbacks to having them combined is all surrounding flexibility. If one fucks up, everything is fucked up. You won't be able to perform rescue operations on either without impacting both at the same, you can't change the layout of one without affecting both...etc.
Performance is obviously another one, but if you're not running critical operations for a business or whatever, it probably doesn't matter.