"""Do you think the current drug approval process is bullet proof enough that a completely novel AI-generated drug candidate with zero prior research literature can be considered safe if it makes it through the process?"""

No but we also don't expect that to happen with drugs today. See https://en.wikipedia.org/wiki/Rofecoxib as an example; of course, even after it was withdrawn, it's now being evaluated for other purposes in more carefully controlled conditions.