I think the caramel color is made of caramelized sugar. I don't know if that's dangerous. The sulfites are a preservative, I don't know what they're doing in there.
I think it would be fairly safe. I doubt there is very much sugar, and probably only a very small concentration of sulfites. PG, alcohol and water are all ok. It doesn't exactly say what other than alcohol is in the artificial flavor, but then the flavors we use for vaping generally don't.
It looks like an extract made for baking, so I suspect it may be too dilute to be very... tasty. And if it contains enough water it won't necessarily vape well.
You should try it, for science if nothing else.
The only ingredient I see on there that I've never seen on a flavor label before is "sulfites". That would probably make me not try it. Like someone else said, you can get flavors you know are safe for cheap so why take the chance.
Or, conversely, for Science! I'll read your eulogy if things go badly.
As /u/onions_can_be_sweet noted, caramel color can contain caramelized sugar. This is going to destroy your wicks. Also, while flavors you can purchase from vaping vendors tend to be geared (and hopefully tested) for vapers, what you have probably isn't so. It may not hurt you to try it, but I would hazard a guess into saying it'll destroy your wick and may not taste so hot.
However, I love caramel, so if you do try it, let us know how it goes, please. :)
I just made a vanilla peppermint with a couple of these type flavorings. I found them to be very diluted an I had to up the percentage of flavoring for the flavor to be as pronounced as I wanted. I used a higher vg mix so it wouldn't water the liquid down as much. ( 65 vg/ 45 pg) I did a few samples without nic juice and they had a pretty decent flavor but once I made the final batch with nic, the flavor left a sort of dry taste on the tongue. I would say don't use these types of flavorings in higher concentrations but maybe as an additive to a mix instead.
I just made a 3ml sample with 100% vg the flavoring was very thin. vaped it and without steeping at all seemed to taste ok but i ended up using alot in a 3 ml sample. little worried now did not see the sulfites wont be making much more with these BTW they are 1.25 at Walmart