The toxin is different from bee venom, so the reactions are different. Bees are the ones with the track record of fatal allergic reactions. And the severe reactions come on the second sting; the first generates antibodies that then 'overreact' on the second, like hay fever. The good news: revenge comes with the sting. The stinger is left behind by the bee, which dies. The others can sting more than once each and are considered more painful.
Most such critters are active pollinators, so they're useful.

A syndicated columnist recently wrote that the paper wasps leave folks alone once they get used to them. He said a nest at his house was feeding on some cat food he had left out, and behaved almost like pets: they 'looked forward' to his visits to the shed, but would threaten strangers. I monitored the behavior of a nest in my shed, and I believe he's right.
In any case, only yellow jackets seem to attack w/o being threatened; very territorial and aggressive, like Africanized ("killer") bees.