The sentiment which worries me, as I understand PDR1 to also observe, is that a "professional", in this case pilot, might expect insulation from a finding of fault for misconduct or poor decision making after an accident because of competing legal/investigative interests.
If a conscious decision is made to carefully balance risk and reward, where society would agree that reward was high (like saving a life), that's worthy of the discussion about insulating the pilot. However, in my opinion, air display does not rise to the "reward" level, where risk to the public is acceptable. The pilot is the professional (as they are authorized to fly in the display) so they are responsible for not placing the public or the flight at risk, and must create and maintain the necessary margins of safety for that. Those margins will obviously be very different based upon aircraft type, which is exactly why the air display organizer becomes responsible for accepting the pilot based upon their experience in that type of aircraft. Once accepted, the pilot is largely responsible, and should not be flying as though there are no consequences.