Yes, silicones release formaldehyde under heat. We still have no idea what is mixed with the silicone adhesive, but it'll outgas too. I'll provide the data, people can decide if they want to be concerned.
Source: Material Safety Data Sheet for any silicone
"When heated to temperatures above 302F in the presence of air, product can form formaldehyde vapors. Formaldehyde is a potential cancer hazard, a known skin and respiratory sensitizer, and an irritant to the eyes, nose, throat, skin, and digestive system. Safe handling conditions may be maintained by keeping vapor concentrations within the OSHA Permissible Exposure Limit for formaldehyde."
Source: Occupational Safety and Health Administration (OSHA)
"Formaldehyde is a sensitizing agent that can cause an immune system response upon initial exposure. It is also a suspected human carcinogen that is linked to nasal cancer and lung cancer. Acute exposure is highly irritating to the eyes, nose, and throat and can make you cough and wheeze. Subsequent exposure may cause severe allergic reactions of the skin, eyes, and respiratory tract."
Source: International Agency for Research on Cancer (IARC)
classified in 2009 as a "known human carcinogen"
Source: GE Silicones
Formaldehyde generation caused by thermal breakdown. Note: the tested silicone was able to withstand ~500F. According to MahBohMan, this carto's silicone melts well below 500F, so the formaldehyde ppm values for the carto may be higher than shown here.
302F - 0.000002 ppm
392F - 0.001 ppm
437F - 0.1 ppm (irritation starts here)
482F - 0.26 ppm
509F - 1.01 ppm
572F - 19 ppm
608F - 87 ppm
Source: MahBohMan
bloog battery measured at 280F - 460F
"this particular silicone plug will melt at MUCH lower temps than 500F"
(fully charged non-bloog battery is hotter by an unknown amount).
Occupational Safety and Health Administration (OSHA)
8 hour exposure: average 0.75 ppm
short-term exposure: 2 ppm total in 15 minutes
CDC's National Institute for Occupational Safety and Health (NIOSH)
8 hour exposure: average 0.016 ppm
ceiling concentration: 0.1 ppm - not to be exceeded at any time
IDLH (immediately dangerous to life or health): 20ppm