It certainly doesn't make you safe, but if the threat is a fishing expedition trying to get a few hundred or thousand Torrenters, the fact that they'd need a court order from a different country/jurisdiction might be enough to get them to leave you alone.
And a seedbox would work just as well for this purpose, and will result in much higher upload/download speeds and, in the case of private trackers, save you the costs of owning/running a PC on 24/7 to seed back your downloads.
I had some dodgy stuff going on over at an amazon free tier, including; socks proxy, ping tunnel, Metasploit, semi hidden tor end-node, ctorrent, and a few other things. I also linked a 25$ visa card from a convenience store, so very limited traceability.
very wrong. It's not really much. It's probably just limiting your possible bandwidth.
If somebody wants to catch you, it's just one additional step to get to you (via the VPN provider).