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Not sure, certainly MDF leaches formaldehyde but that's a different subject. I think the solvent stuff evaporates and clears quite quickly. I always try to avoid grip fill et al primarily because it's difficult to dismantle.
I get headaches at night if I've been using these materials all day, I never used to but I've used a solvent filter mask for the last 5 years to avoid the problem. Occasionally I forget and have a really pleasant day, high on fumes. The ones to look out for are the heavier than air fumes that you get with some spray thinners, they hang around for weeks.
That's a solvent based one. I try to avoid solvent based stuff these days as years of exposure has left me with a bit less tolerance for it. I'm not sure how much difference in grab there is but it's easier to clean up the excess non solvent one. Do be very careful that you don't get it on the face of the skirting or up the walls, have some solvent cleaning wipes around to keep things clean. It's a bitch to remove from emulsion once it's dried.
You'll probably have to fill the gap between the wall and skirting (at the top of the skirting) with mastic, resist the urge to do it with the glue!