There are no security risks associated with view privilages. If there were, the most popular hosting companies in the world like 1&1 wouldn't give view privilages to their millions of customers without problems like they do.
That is a cop out by your hosting company. Ask them for documentation on how giving view privilages creates a security hole and they will stop blowing their hot air... or they have some information that some multi-billion dollar hosting companies would love to know since they are making the mistake of giving create view privilages to millions of people every day.
Anyway... we can't fight all of the bad hosts in the world, and unfortunately it does appear to be a relatively common issue, so we will do a patch to stop using views entirely in the next month or two. The decision to use a view was made (by me) in order to simplify the code and allow the deletion of the coupons to be done using our delete from table server behavior instead of needing hand coding... we will code the solution without views instead to account for this problem moving forward when confronted with the same problem.
In the meantime, if you remove the view, the only result will be that you will not be able to delete coupons or remove products from the list of available from those applied coupons except by doing so in the database directly. The rest of the store should continue to function normally.