With a high enough H202 dose, you could lose your beneficial denitrifying bacteria.
Result would be a big ammonia/nitrite spike and a crash.
The concern is you need to find the sweet spot where it oxidizes sludge, affects algae, but does not hurt bacteria,
and I have no idea how wide of a range that would be.
That said, while going crazy will crash your tank, I have not seen any specific claims of that happening yet.
Unlike the many Kalk crashes and so on.
So done right, it seems fairly safe. But done wrong, like almost everything, can crash.
Same with ozone, which can even affect YOU if done horribly wrong.
As I understand it, the real advantage is this:
Ozone really only oxidizes well in the reactor area. You deliberately outgass most of it afterwards, or it is dangerous.
So only the water flowing through the reactor with enough dwell time is truly cleaned fully.
That is very limiting.
I think the reason H202 is considered safer is because you can control dosing, and do
not have to make sure you outgass the ozone properly. Plus it can never hurt humans.
It will be interesting to follow. Seems pretty new so far.