It's like saying bombs are a bigger threat than knives while a knife is pointed at your neck. It makes you rearrange your current priorities
I like your analogy. But looking at that situation in a Vulcan way, yes, a bomb is still a bigger threat. It can cause more damage in a certain amount of time than can a knife. But then a knife can keep going whereas a bomb can only be used once, so the analogy isn't perfect, but then no analogy is...
Eh, the Borg were in a different show. Perhaps they were on the other end of the Federation from the Bajor/Cardassia/Dominion thing.