I've cut, filed and drilled PCBs for various reasons, but only after ascertaining where the traces are exactly.
As Fig mentioned, you have to be willing to lose the board. So far, I've lost none because when in doubt I don't touch it. As Icipher3 noted, the dust is toxic, but a mask will only protect your lungs, throat, mouth, nostrils — stray debris can get flicked up or even picked up on an air current, so also protect your eyes.
As Icipher3 mentioned, sometimes a trace runs right along the edge of the PCB, so sanding down the sides to fit in a smaller enclosure is a no-go.
Drilling a hole to cut one trace might damage another trace close to it or if it's a two-layer (or more) board, again a no-go.
I've cut corners to fit a PCB in a 1590A, doing so exposed some ground-plane, no big deal as it helped ground the enclosure

; adapting a 4PDT to a 3PDT board I again exposed ground-plane copper; it wasn't close to the extra row of lugs, but to make sure it didn't short I put some nail-polish on it, sealed the copper and Bob's my uncle.
Shine a bright light through the board, then flip it and shine the light again, from the other side — can you see all traces clearly? Some solder masks won't let you see where the traces are. In 2-layer+ boards, sometimes traces are hidden by the ground plane in the layer below or above...
Again, when in doubt, don't route.
It's a last resort, I'd opt for a different type of power jack before I'd consider cutting into a board.