Smith machine vs bench + squat rack?

Hi everyone,

Been working out for 5 weeks now, 6 days a week. Hitting protein goals, things are going surprisingly well. Adding weight and reps, already starting to see some gains.

I work out exclusively at home with a bench with rack, barbell, and adjustable dumbells. PPL split.

I was benching and realized that if I drop a barbell on myself, I could straight up die.

I was looking at buying a squat rack and was thinking about just buying a smith machine instead?

I figure i can squat and bench with it more safely.

Any negatives to this approach?

The space isn't an issue since I have plenty of room and the cost isn't a factor either.