Cyogenic compounds are toxic because they liberate free cyanide ions easily. There are a number of organic compounds with C≡N functional groups that are not toxic because they don't liberate cyanide in sufficient quantities to be harmful. This is one such molecule.
(The reason cyanide is toxic is because it binds irreversibly to heme, and thus interferes with cellular respiration. Essentially the C≡N in cyanocobalamin is bound irreversibly to the metal center of a porphyrin already, so there's no reason for it to be toxic.)