Yes, it is now safe. The EPA states that anything used as a pesticide or herbicide on cotton must be bio-degradable within 2 weeks. There are many many big name producers of compost that now also produce cottonburr compost. It is no doubt safer to use than manure-based composts which can have very nasty herbicides in them.
The manure composts are prized in large part because they contain proteins. While there is a single digit percent of N found in the protein it is the amino acids that they are made of that really helps the soil. Cotton burr is a high protein component. I live in the land of cotton and here they mostly will disc the picked cotton plants back into the fields.
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