Risks of this configuration:
An open circuit on the the bus between the battery and charge controller will leave the charge controller connected to the loads directly with no battery. What happens then depends on the loads and the behavior of the charge controller; hopefully the controller is smart enough to decide the battery is missing/unsafe to charge.
The loads on the bus between the battery and charge controller will experience whatever variations in voltage, or noise, results from the charge controller's behavior and the voltage drop, capacitance, and inductance of the wiring.
Disadvantages of this configuration:
If the charge controller has a low-voltage cutout function for its load terminals (for when the load is being supplied from the battery, not the solar panels), that will not function.
The charge controller's charging current limit will be applied to current to the load as well as to the battery, so a load that exceeds that current will cause the battery to discharge even if plenty of solar power is available.
To summarize, none of this is guaranteed to be a problem. But saving a bit of copper and possibly overall voltage drop doesn't seem worth it.
(Disclaimer: This answer is theoretical. I have only very little experience in solar power systems and none big enough to observe these effects.)