Wouldn’t you get drafted as a US citizenship whether you’re also citizen of another country or not?
And AFAIK as a US taxpayer you’re liable for US taxes on foreign assets/income regardless of whether you’re a foreign citizen or not.
Unless you mean foreign tax and draft obligations, which you might be right about.
If you get a Latvian citizenship and they have a draft (which can change) you will be required to serve in the Latvian army. If Russia decides to invade good luck to you. If Latvia decides to tax out-of-country income, you will have to pay taxes. If they have a local law that you cannot wear a scarf on Shabbos and you violate that rule you will have a legal issue.
If you shrug your shoulder, what do you care about Latvia but you are flying from NYC to TLV with a transfer in AMS, the EU can grab you in AMS because in their system it will show that a member state has a claim against you.
I am using Latvia as an example.
If someone has a "weaker" passport and you have a reason why you need an EU passport, go for it. I am simply pointing out some risks that people don't think about when they decide to get another passport because it's cool. In some situations it can help you, in others quite the opposite.