Aerosols are divided among fumes, mists, vapors, and particulates (dusts). Each fraction works differently, but in general, the smaller the particulate, the longer it hangs in the air, meaning more contact time for your lungs. But that's in general.
Kool mist is made of a glycol ether surfactant and triethanolamine. The glycol ether is familiar to us, since it is the active ingredient in Simple Green and similar cleaners. As a mist, it is inhalable, but it has a high vapor pressure so wetted surfaces don't volatize easily. Triethanolamine will make you drunk if you inhale enough of it, and can give you the light feeling of a hangover if you've been breathing mists all day long. It is a IARC 3, which means it caused liver tumors in rats, but no evidence exists for humans.
Risk assessment is low, but I would favor a spitting nozzle rather than a fogging one.