I am using the latest stable Avast version and I have Avast Gadget on my desktop.
It is also offered during custom installation. I guess that is because I'm on Windows 7.
Security risk story is just another BS from Microsoft to "upgrade" my OS to Windows 8/10.
Try doing a clean install and see if the option is still there, there many hundreds of thousands (possibly millions) of avast users still using windows 7. I rather doubt that they have the avast gadget.
In all honesty, when the gadget was available in avast on my win7 system, I never thought it was bringing much to the party, so I got rid of it.