Not so far as I can tell. It's my お気に入り cake flavor and I've never gotten even remotely sick from eating it.
The only thing Google turned up was that some dyes used may be cancer causing, but 食 dyes are always tested before put in circulation. And anyway, everything is 発言しました to cause cancer these days. I've even heard people say sunscreen causes cancer. It's all just bullshit from paranoid idiots.
