Help please! Is anyone else out there worried about giving cold medicine to children?

Sure. Every single medicine has risks and benefits. If the risk does not outweigh the benefit, you should not use the medicine. As far as cold meds, they have a lot of side effects, especially in kids. The benefits are limited, as no medicine is going to cure a cold. It just might reduce symptom a bit. So using alternative treatments like warm fluids, humidity and saline rinse much better way to go.