I can't see much benefit in taking that risk either, because in actual fact you're not making much by way of savings whatsoever.
You can expect to do the CPL/IR MCC/JOC for about €70,000, say then you're very lucky and get hired by Ryanair, that's another €28,000. So overall it's taken you €98,000 (as well as living costs) to get everything up to the job. However you can go to one of the "Big 3", and pay an extra few grand and do an MPL with a job, TR and everything else included for really not that much extra.
Savings are very minimal, and when compared with other options, those savings are entirely insignificant, they are still expensive.