Of course this is high risk. For a working relationship, for your own longevity in the company. But, so is the loss of mutuality. And if the company wants what they are doing, you are so far out of alignment the signal to leave will be strong.
I do think it starts with questioning their behaviour one on one, privately. And listening to their response, and reflecting on it: you may not have all the information: what if they are operating under instruction?
If you do talk, try to keep your temper under control. Avoid giving signals which could be misinterpreted or used against you.
That should give you a better sense of what sort of reception an intervention should get, or whether anyone besides you perceives this as problematic in the first place.