For the record, I am 52, my daughters are 26 & 25 years old.
My primary belief in raising my children was always, and is still, that
I needed to keep my eye on the prize: I was not raising children, I was
raising adults. Just as it makes no sense to grow a garden if your
object is to have immature corn, it makes no sense to believe that your
goal in parenting is childhood. Your goal is to create adults. Anything
that helps these little people navigate through childhood into
adulthood is worthwhile, even if it means protecting them less or
trusting them more. Balance must be kept between over-protection
(refusing to let them use birth control, for instance) and helping them
understand the consequences of their actions (getting pregnant, getting
someone else pregnant, etc.). If you can keep your understanding on the
level that this is a future adult, and adults don't need protection,
then maybe you can better judge when protection is called for versus
rational discussion of risks & rewards.