Do L2 protocols pose less risk for generating higher returns for yield farmers?

Layer-2 protocols are designed to be faster and more efficient than their layer-1 counterparts. To be this fast and efficient, L2 protocols must sacrifice security. Of course, this doesn't mean that L2 solutions are not safe, they're just less safe than L1 solutions. The interest rate in question doesn't have an inherent effect on the safety of the protocol, but keep in mind that higher interest rates usually means higher risks.