Using FP open with F-Droid sound like a good choice in your scenario (aiming for privacy and technically not very experienced).
Using root access without having clear idea on how to use it is NO good idea. So better don’t use it!
What do you mean with “am I still running a security risk?”? What “security risk” are you exactly referring to?
If you want to use a firewall there are some working without root access like NoRoot Firewall, NetGuard or blokada (well, no FW but ad blocker), depending on your intentions.
With security risk I am referring to the original idea of a firewall, which is supposed to “establish a barrier between a trusted internal network and untrusted external network, such as the Internet”
I guess the firewall’s purpose nowadays is more to supervise and limit outgoing data. But I would still like to keep my phone safe from any unwanted malicious access form “outside”…if that is applicable to a smartphone.
Since I’ll still need one or two apps which are only available on the G-Play store (I would use the Yalp store for that), I’d indeed would like to use a Firewall that limits the outgoing data.
AFAIK Android devices normally don’t offer server services so there is no open network port which can be addressed so it’s not necessary to have a firewall blocking connection attempts originating from the internet. That’s different for (windows) PCs which generally offer services like e.g. file shares etc.