Yes, it is considered safer than chemical preservatives as it is natural and it is partly hydrolyzed to L-lysine (an essential amino acid) after ingested by the human body. It has the function of both preservation and nutrition fortification.

Its safety has been approved by the Japan Ministry of Health, Labour and Welfare, U.S. Food and Drug Administration in 2003 and afterward, National Health Commission of the People’s Republic of China (NHC) approved it in 2014. It is also authorized in some other countries.

Chemical synthetic preservatives (e.g. sodium benzoate, potassium sorbate) are widely used in food to extend shelf life in today’s food industry. However, the health concerns surrounding them are always coming up which makes consumers afraid of the safety of their food and seeks safe preservatives, and thus biological preservatives stand out.

FDA
In 2004, FDA had no questions regarding the conclusion of Japan manufacturer Chisso Corporation that polylysine was generally recognized as safe (GRAS) for use as an antimicrobial agent in cooked rice or sushi rice at the maximum use levels 50 mg/kg. (4)

In 2011, FDA also had no questions regarding the conclusion of the supplier Purac Biochem b.v. that polylysine was GRAS under the intended uses as an antimicrobial agent in several food categories except for meat and poultry products at levels up to 0.025%. (5)

China NHC
ε-Polylysine is approved to be used in baked goods, cooked meat products, fruit and vegetable juices and their beverages. ε-polylysine hydrochloride can be used in the following food list:

Fruits, vegetables (including roots), beans, edible fungi, algae, nuts and seeds
Rice and products
Wheat flour and its products
Cereal products
Meat and meat products
Condiment
drink
Spiced corned egg

http://www.chinafooding.com/L-Lysine