I think if you can be certain that the pine is kiln dried and is free of contaminants it is fine. The belief that pine after kiln drying contains dangerous levels of phenol should also avoid all paper products as most are mostly pine and spruce fibre based.
If there is a question of kiln dried I'd avoid it and if you are unsure of that again I'd avoid it. I am certain that kiln dried is fine but I am also certain that there are suppliers that use some kiln dried and some branch material that never saw a dryer mixed in. I'd always suggest a sniff test if it is very strongly pine smelling I'd not use it if it isn't it should be fine. IMO if there is a question of the quality of the supply there are better alternatives but if there is a good supply of clean kiln dried pine it is fine.
As with most enviromental safety issues if it looks simple you likely do not have all the facts.