Hi Dominik,
Your observation is right, running the JobManager and TaskManager on the same node is no problem. If that machine fails, both services will be affected, but as long as you have infrastructure in place (YARN for example) to start them somewhere else, nothing bad will happen.
Regarding your initial statement, that "It is generally recommended for streaming engines, also including Flink to run a separate master node", did you read that somewhere in the Flink documentation?
Regards,
Robert