Is wholesale less risky than private label?

Thinking about dabbling in Amazon wholesale for name brand products.

For those that have experience with both this model and private label, would you say wholesale carries less risk?

From what I understand, you’re selling name brand products through an existing, established listing, so the risk of Amazon or some random Chinese black hat competitor killing your listing is nonexistent.

I know the capital requirements for wholesale are generally higher, but I imagine that also means fewer competitors, whereas with private label the competition is absurd and it’s mostly a race to zero.