You don't have to call it God Mode, you could just call it control panel
ControlPanel.{ED7BA470-8E54-465E-825C-99712043E01C}
All it does is associate the folder with a specific registry entry used by the control panel. So yes creating the folder is safe, but misusing any control panel feature, such as deleting installed programs etc, no matter how you get there, could be hazardous to your system.
I don't know Win8 but the website would seem to indicate it does also work in 8; it only takes about 10 seconds to try.