The Safer Seas are first and foremost for players who either don't want to PvP or go on a voyage peacefully. If you're on the Safer Seas you can not earn rewards or titles for either of them, that progression is exclusive to the High Seas. The last restriction is to the milestones of your ship and the progression of your guild. This doesn't apply to Ancient Coins and Dublons. While you can still purchase and earn most of the cosmetics, you'll only earn 30% on the gold you'd normally earn on the High Seas. There is also a restriction on the gold you earn.
You also can't become a Pirate Legend and need to brave the newly dubbed High Seas for those higher rewards. The level 40 cap also means that the Athena's Fortune voyages and treasures are also not available on the Safer Seas. player combat can not be obtained either. No PvP naturally also means that all the Emissary Flags and reputations tied to player vs.
Do however note that you can only obtain rewards up to a Level 40 Reputation with all factions. They can still embark on many of the voyages, clear out vaults, and earn reputations with most of the factions. Safer Seas is a new mode that lets players play SoT with only the players in their partners.