I think the name "HHO" itself hints that some amount of bullshit is taking place - the electrolysis units are obviously burning a 2:1 mixture of H2 and O2, not some weird mixture of atomic hydrogen and oxygen or impossible isomer of water. Empirically (via youtube), there is a strong connection between "HHO" promoters and "water-fueled car" and "over-unity generator" fraudsters. Oxyhydrogen torches are pretty awesome - I've used both a small electrolysis unit for jewelry work, and a larger tank-fed torch for working with fused quartz. Amazingly clean and hot flame, with definite niche-applications. However, oxyhydrogen combustion (electrolysis-derived, or otherwise) isn't exactly a revolutionary technology. We've made industrial use of it since the 1860s [1], and the trend has been gradual replacement by other fuels and techniques (TIG, electric arc furnaces, etc) that are more controllable and lack H2's unique shortcomings - eg. hydrogen embrittlement, massive range of explosive concentrations, and incredible ability to diffuse through things.

[1] Faraday's 1861 lecture on platinum-group metals is a great example. Small-scale platinum casting is one of the big uses for oxyhydrogen - the combination of a high melting point and severe carbon embrittlement make H2 ideal for working with platinum.

Atomic hydrogen welding is basically taking a COTS plasma cutter and blowing H2 thru it and welding with it, not welding with H2 but with hydrogen ions. On a scale of hazardous welding technologies, its up there. Possibly the only thing I'd less enjoy doing by hand would be explosive welding or some of the thermite processes. Its not "is there going to be a fire" but "how much damage will the inevitable fire cause vs the cost of alternative fabrication"

On the bright side (oh the pun) during the welding its pretty efficient at preventing weld pool oxidation. On the bad side, if long term hydrogen embrittlement is an issue with the base metal, this is an interesting way to find out. Also you can get some gas porosity problems as the weld bubbles while cooling, exactly CO2 in soda water, although hydrogen is better than the noble gasses (like argon in a plasma cutter)

Burning homemade H2 in a modified acetylene torch like you're talking about is comparatively harmless with the exception that H2 can find leaks that acetylene can't find, although its not that much worse. Oh and the regulator is different because acetylene comes out of a coke bottle solution like CO2 out of soda, but hydrogen comes out of a tank like O2 so the pressures are a bit higher.