Wormwood is sometimes consumed by people -- most popularly in (the real kind of) absinthe. Like Mugwort, it contains thujone, which some debate as a mild hallucinogen. At the very least, it does excite the nervous system. That's the reason dreams can be very vivid after a cup of mugwort tea, or even a heavy session of using mugwort as a smudge (mugwort also carries a common name, black sage).
Do a bit of research; I cannot recommend how much to or not to consume, or whether or how to use it as incense. But since it is used in some consumable products, at least it can be consumed in some small amount.
Wormwood also has some medical benefits:
So like I said, see what you can find.
Breathing smoke from incense isn't really "safe" any way, but responsibly done it should not have adverse effects in many cases. Again, this is not a recommendation; do your own research.