I have no idea if it would be bad for the fabrics over the long term, but those chemicals are the same ones women everywhere spray on their heads, so if you're worried about it in a quilt (AFTER washing) you probably shouldn't use it on your hair, either. And if hair spray is used on art, it is never washed (because washing would definitely damage a charcoal sketch).
Of course hair spray is flammable! Didn't you ever use it to make a flame thrower when you were a kid? Never mind, don't answer that, I'm probably the only one.