Actually, if you have a finely stoned match trigger job with a crisp let-off,...those are meant to only be cycled with the trigger depressed. Cycling without depressing the trigger CAN damage the fine tuning of SOME light match triggers (more accurately, the sear), potentially resulting in a sear wearing in such a manner that they no longer reliably catch the hammer. I have seen some of these at the moment they fail, ripping off in full-auto and dumping the mag.
If your 1911 has not been worked on and given a custom trigger job (or the sear not "stoned" as it is often called),...yes, it is safe to cycle the pistol by hand with the finger off the trigger. But accidents happen. Still follow the rules of safety.
I once was present many years ago as a friend was showing off his new Springfield Officer's Model he had just gotten back from the gunsmith. When the smith reassembled it, he had not properly replaced the bottom retaining pin on the mainspring housing and it either fell out or was missing entirely. This created just enough slop in the engagement of the hammer that when my friend (standing in front of us) inserted his magazine and cycled the slide to load the pistol (with his finger very obviously and appropriately off the trigger) [highlight=yellow]BOOM!![/highlight] Because he was observing the rules of safety, his muzzle was pointed at the ground and away from any of us. But that slug smacked the concrete floor and skipped right between the feet of another buddy standing next to me, and sailed over into the baseboard in his kitchen.
Meanwhile, we all schit out pants.