I don't know about VG or PG, but the reason a steam burn is so bad is that water, when it flashes to steam (because of depressurization, say from a car radiator) heats to over 800 degrees Fahrenheit. Of course, atomizers don't pressurize anything, or we'd be unable to use them at all.
But temperature is still important. We need to remember that we don't know, really know, what we're inhaling. We're probably getting some metal from the coil, although it's probably a tiny amount. That coil material has to go somewhere, or the coil would last forever. The wicking, too.
And every molecule behaves differently at different temperatures. Mercury as we know it on earth is a liquid, but it's solid at lower (much lower) temperatures. And it's a gas at much higher temps. More heat means more energy, which in turn means a more active material.
Which is not to say that our vapor is more harmful at higher temps; it could, in fact, be more harmful at lower ones. We just don't have enough information to decide yet.