There is duration risk, i.e. interest rates will certainly change over the next 100 years. Will they go up or down, yes. Will they stay on average higher than this CD or on avg lower? shrugs nobody knows. Hence duration risk.

You are talking about credit risk, i.e. loss of principal. Since they are FDIC insured, you are correct there is no principal risk, if the bank folds, you will either get your principal back or the new owners will continue to honour the CD.

If the circumstances warrant, you just exit.

Assuming you can swallow the fee(s). I haven't looked at the details, but usually exit fees get bad unless you hold close to duration, which in this case would be most of your entire life.

If they are doing this without exit fees, I'd be VERY surprised.

The early exit penalty is the last 10 years of interest.

That's definitely noticeable.