The network from your phone's POV would look somewhat like this:
Phone->Home network ( -[DNS-Traffic]-> Pi-hole ) ->Router firewall[Blocks unwanted IPs] ->VPN-Provider->Internet
So the only VPN you would need to run on your phone would connect you to your home network.
All the filtering and connecting to your VPN-Provider would be taken care of by your home network configuration.
How risky this is depends largely on what you do with it.
If you intend to do some cyberstalking on your phone, then
it's risky even if you use a VPN.
But if you just do regular browsing, it's very unlikely a VPN company will ruin it's reputation just to spy on that.
Of course it also depends on your definition of "risk".
If you find it risky to access the internet through the same IP with all your devices (for what ever reason you might think that), then it could be considered risky.
I personally don't think it's risky (unless you're doing lots of illegal stuff online).
Especially when you use a VPN+Pi-hole+Router Firewall to block all unwanted connections...
But in the end, it's your call to make.