Dumb Question

This is probably a really dumb question but I am very interested in using this component. I see that it is in beta4. Being still in beta - does this mean I should not use this component on my live site and need to wait for a stable release?

You can do what you want. Thé Beta status is hère to let you know that thé component is not yet "stable". So it may contain some bugs that are not already none and need to be fixed.

For my part i already use it on my own website cause i know flexi and tested all i needed.

But if you use it on a live website this is at your own risks and we cannot guaranty you won't have troubles => so the best advice for you is to wait a bit for stable release.