What are everyone's here thoughts about the risk of visiting Aruba right now?
I've not seen or heard anything that indicates that Aruba is any more "risky" to visit now than is was before the recent action. Ultimately if you are in any way uncomfortable about the location, any challenges you might have getting there or anything else, then change to somewhere that you are more comfortable with. This is vacation time, so completely discretionary as to what you do.
Whether "something" happens in the next 5 months that causes the risk to increase, from whatever source, is just something that nobody can be sure about, and that would apply for any location you might go to. There could be an ash cloud, a public health crisis, an issue with the resort or on the Island or with the air traffic control system, a weather event or any number of personal and family related situations that might impact your decision or ability to go.
If you aren't ready to act now, have a think about what factors might cause you to change your mind and then monitor things to see if any of those factors occur, and plan how you might change your plans. e.g Where might you go to instead and how likely is it to be available? If you have travel insurance, know what that covers and what it doesn't. There's been a lot of chatter about insurance not covering "acts of war etc" but I've not seen anything about whether people with cancelled plans have had issues with insurance or not.
If you've booked with club points, check that you will have time to cancel and bank them if needed so you avoid holding points that only have a few weeks to be used, and whether you can change that to reduce issue it might cause. If you booked via II, check that you know how to retrade it with minimum cost and fuss, if you booked other ways understand the cancellation process and costs.
Personally if I were booked, I'd be planning to go, but know what my options were if things went sideways for any reason, because things go sideways all the time for lots of reasons.