No. IQOS is not risk free. Although the level of harmful chemicals generated by IQOS are reduced by 90% on average, there are still some harmful chemicals. Moreover, HEETS tobacco sticks contain nicotine, which is addictive.
This being said, IQOS is a better choice than smoking because, based on the scientific evidence we have to date, switching completely to IQOS is likely to present less risk to your health compared to continuing to smoke.
If you are concerned about the health effects of smoking, your best option is to quit tobacco and nicotine use altogether.