A dedicated address is directly attributable to you, which cuts both ways.
WHAT CHANGES
On a shared address, traffic aimed at the address affects everyone on it, and attacks are diluted across many sites.
On a dedicated address, an attack aimed at you reaches only you, and an attacker who identifies your address can target it specifically.
WHAT DOES NOT CHANGE
Your exposure to attacks aimed at your domain name, which is how the overwhelming majority of attacks arrive.
WHAT ACTUALLY PROTECTS YOU
Cloudflare or a similar service in front of the site, absorbing and filtering traffic before it reaches the server Keeping software updated Strong authentication and two-factor authentication Caching, so traffic that does arrive is cheap to serve Blocking abusive sources
A NOTE ON CLOUDFLARE
When proxied through Cloudflare, visitors see Cloudflare's addresses rather than yours. This conceals your origin address, which is a genuine benefit. If an attacker learns the origin address, they can bypass Cloudflare entirely, so avoid publishing it.
A dedicated IP is not a security feature in itself.