Yes, it almost has no side effects and the safety has been approved by the U.S. Food and Drug Administration (FDA) and European Food Safety Authority (EFSA), as well as the Joint FAO/WHO Expert Committee on Food Additives (JECFA).

FDA
TSPP is generally recognized as safe (GRAS) when used as a sequestrant in food in accordance with good manufacturing practice (3).

EFSA
Tetrasodium pyrophosphate (E450iii) is an authorized food additive in the European Union (EU) and can be used as a carrier in the preparations of the colour anthocyanins, also applied in the following food categories with the maximum use levels from 5,000-12,000mg/kg (4):

Refrigerated, prepacked yeast based doughs
Salted fish of the Gadidae family
Biscuits and rusks
JECFA
Function Class: food additives, acidity regulator, sequestrant, emulsifier. (5)

Tolerable Intake: MTDI 70 mg/kg bw (as P) set in 1982. (6)

http://www.chinafooding.com/Tetrasodium_pyrophosphate