No, it is a very fine aluminum powder that you can mix with oil for a very shiny look, though it never dries, or you can use a mixing liquid that does dry but it makes more of a matte finish.
I have used mica only once. I assume it is safe because I bought a name brand. Perhaps Nye. Anyway, I did not like the mica because it does not have the shine the Mehron has, unless there is some way I am not aware off to makek mica shiny.