... I've heard all the arguments that your finger shouldn't be
near the blades / drills etc., but the consequences of a minor mishap are
too high - rings can rip a finger off.

Exactly.

Actually, the ring can create a problem even without any power-tool or
electricity involved. I know a person who is missing a finger. He was
lifting a heavy object from the ground to his shoulder behind a
mini-van that has its rear door raised open. Unfortunately, his ring
got caught with the door hinger, and he ripped his finger off. That
didn't involve any power tool or any welding equipment. The only
things involved was the force that he applied to himself and a tiny
metal object that was sticking out.

No, I don't wear a ring when I work in my workshop or when I move
anything.

Jay Chan