It's definitely a safer one bid than a nil bid (trumping in on a third diamond trick), but that gets you nowhere compared to what a nil would.
You just have to hope the spades aren't distributed evenly with each of the other players getting three, or hope that if another player has 4 or more that they aren't able to get rid of them by trumping in early.
It also depends on the game situation going into the hand, as that would change the risk level you should be willing to take.
If it was three low cards in each of the non-spade suits, I'd go nil all the way.
With what is shown, I'd go nil more often than not, but not by a whole lot.