The ENS Foundation, or “legal wrapper”, provides at least some form of limited liability protections to the $ENS token holders. ENS owning tokens/participating in another DAO would not generally affect those protections to the token holders (ie you and I).
- ENS token holders → protected by ENS Foundation wrapper
- ENS DAO holding other DAO tokens → ENS DAO is NOT protected (unless those other DAOs also have legal wrappers)