It is pretty safe to drive with reduced engine power while the warning light is obvious in front of you on the dashboard, as it doesn't come with any risk. However, your driving will be quite frustrating due to the implications of reduced engine power. Some of the challenges you would face when your car's reduced engine power warning light is on are bad gas mileage, poor acceleration, and jerky experience while shifting gears in some cases. It would be best to fix the issue immediately instead of trying to manage it around.