The question is not entirely easy to answer, and ultimately it depends on why you want to give developers VIEW SERVER STATE and how much you trust them.

With VIEW SERVER STATE is possible to see some data, for instance constants and parameters in query plans and query text. From estimates in query plans, you can draw some conclusions about the data profile. No, it is not a particularly simple exercise, but if you have very sensitive data, you may have reason to be worried.

If you want to give developers VIEW SERVER STATE for a specific purpose, one alternative is to package that in a stored procedure which you sign with a certificate, and create login from that certificate and grant that login VIEW SERVER STATE.