Both. There's the risk of them instructing a user on how to produce a known formulation (the Anarchist Cookbook solution, as you say), which is irritating but not that problematic.

The bigger issue is that they are potentially capable of producing novel formulations capable of producing harm, and guiding someone through this process. That is, consider a world in which someone with malicious desires has access to a model as capable at chemistry / biology as Mythos is at offensive cybersecurity abilities.

This is obviously limited by the fact that the models don't operate in the physical world, but there's plenty of written material out there.