It was in 1e, with certain spells anyway.
Dangerous:
Bad luck on a teleport could kill you outright. Polymorph other was NOT something you'd ever want to cast on your friends. Lightning bolts bounced in sometimes-unexpected ways. Fireballs expanded to fill their full volume meaning that if you cast one into a too-small area you-the-caster would eat it on the blowback. Etc.
Costly:
Various big-time spells (Permanence, Wish, etc.) knocked a point of Constitution out of the caster, forever. Identify cost 100 g.p. (via the pearl) and knocked your Con back by 8 points for 8 hours. Numerous other spells either had expensive components or required expensive sacrifices, revival spells and restoration being the most significant. Haste aged the target a year on the spot (and aging had its own drawbacks). Etc.