The liquid electrolyte is the thing that releases most energy when the battery burns, more than the anode and cathode. Some also have a very low self ignition temperature.
So the main risk here would be the likelyhood of short circuiting under different failure scenarios.
An 18650 battery weighs ~50g and stores ~10 watt-hours. 10 watt-hours is 8,604 calories, enough to heat 50g of water by 172 C or 310 F. The battery would not even burn without a liquid electrolyte to ignite.
Is that the electrical discharge, then the lithium going off, then the electrolytes?