"Does that even matter in the calculation of harm?"
Aside from the fact that a nicotine addiction, one of the most addictive substances known to man, keeps one in NEED of using a delivery device of some sort, YES, it does in and of itself matter in the calculation of harm.
Brown Researchers Find New Dangers in Nicotine
And this. Yeah, it's wikipedia, but it lists its citations:
"While no epidemiological evidence supports that nicotine alone acts as a carcinogen in the formation of human cancer, research over the last decade has identified nicotine's carcinogenic potential in animal models and cell culture.  Nicotine has been noted to directly cause cancer through a number of different mechanisms such as the activation of MAP Kinases. Indirectly, nicotine increases cholinergic signalling (and adrenergic signalling in the case of colon cancer), thereby impeding apoptosis (programmed cell death), promoting tumor growth, and activating growth factors and cellular mitogenic factors such as 5-LOX, and EGF. Nicotine also promotes cancer growth by stimulating angiogenesis and neovascularization. In one study, nicotine administered to mice with tumors caused increases in tumor size (twofold increase), metastasis (nine-fold increase), and tumor recurrence (threefold increase).
Though the teratogenic properties of nicotine may or may not yet have been adequately researched, women who use nicotine gum and patches during the early stages of pregnancy face an increased risk of having babies with birth defects, according to a study of around 77,000 pregnant women in Denmark. The study found that women who use nicotine-replacement therapy in the first 12 weeks of pregnancy have a 60% greater risk of having babies with birth defects, compared to women who are non-smokers." — March 17, 2012 6:10 p.m.