I agree with this.
Do you attribute this to biology and/or any other social factors?
As with all things, it's both. But I think it's more social. In honor cultures, males are rather clearly expected to uphold honor, which is risky and often violent. But even in largely non-honor/dignity cultures like the US, men are expected to bear the brunt of risky work and uphold dignity. When a mass shooting breaks out, men protect their girlfriends, not the other way around.
The biological reasoning for this is obvious. Bigger, stronger, etc.
But the social reasoning is more complex, I think. Life is a competitive game with high stakes, and the sort of risk-taking behavior we ask of men often affects others. For example, men are more lilely to ask for raises at work. This is a very innocuous form of male risk taking, but even here, we can imagine the affetcs--not everyone can have a raise. The first person to ask is taking food off the table of the person who asks too late.
In a high stakes environment, the risky taking behavior becomes increasingly severe. Kids from poor areas may sell drugs to provide for their loved ones, risking long prison sentences for a bit of money. Men regularly take jobs in which they are more likely to die at work, less likely to be ensured stable income (in favor of high potential bonuses), etc.
This is where toxic masculinity comes in. Asking for a raise is a low impact risk. Other risks aren't so low impact. Initiating sex when you're drunk or not 100% sure she's down. Or even outright raping someone--risking life in prison for sexual satisfaction. Killing someone and risking the death penalty over money or social reputation or something else.
We live generally low stakes lives, so most male risking taking is low stakes and isn't really an issue. The toxic element comes when high risk is needed.
Socially, we need someone to take risks and it has traditionally ma de a lot of sense to give that responsibility to the people who can't bear kids. But as women gain reproductive control and life becomes increasingly low stakes, raising boys to be prepared for high risk behavior is doing a lot of harm--potentially more harm than good.