If you break a water pipe, the water expands very little so it doesn't propel fragments in every direction at high velocity. When a metal compressed air pipe ruptures under pressure, it typically fails either at a joint (leak) or longitudinally along the pipe (seam). Typically, this results in a partial break without separation and with few fragments. This is more like a tear than a fracture. Once pressure is sufficiently relieved, the tearing stops even though air continues to escape. When a PVC water pipe breaks, it too may break at a joint or longitudinally, but can also break transversely to the axis of the pipe. Yet even this is little more of a people hazard than metal pipe or reinforced hose. However, when PVC pipe ruptures from gas pressure, it fragments with many small shards propelled at high velocity, and remaining pipe may be whipped like a hose with continued fracturing until the remaining pipe is at a point that is well constrained.
PVC is also subject to greater abuse from being struck or strained. Consider bumping hard against or stepping on a PVC line carrying 80 PSIG water versus a PVC line carrying 80 PSIG compressed air. When the former is bumped it may well leak, spraying the person and possibly injuring him, but the compressed air line, if cracked, will shatter explosively and will certainly cause severe injury.
For these reasons it is good practice to avoid using PVC to convey high pressure gases. Code enforcement has gone further. In 1988, OSHA ruled PVC pipe is no longer to be used for other than buried compressed gas transmissions such as compressed air. Many local regulatory agencies have similaryly outlawed PVC for above ground compressed gas applications. So, it is no longer simply a matter of bad practice, it's illegal.
Bob S