Is my footpeg really going to fall off?
If you don’t check the bolts often, yes. The RH bolts stretch and loosen, allowing the peg to flex and weaken the bolts, eventually causing them to break. If the peg works, it will also damage the soft aluminum frame. Replace them with a higher grade bolt and use a thread-locker. I’d almost go so far to say use Heli-coils or Thread-serts.