Environmental qualification of waste-derived binders is commonly reported in separate test domains such as crushed material, carbonated material, and intact monoliths, even though these states correspond to different stages of one product life cycle. As a result, a practical question remains insufficiently resolved for circular construction: can a geopolymer be environmentally acceptable during service while becoming problematic after end-of-life fragmentation? This manuscript presents a transparent secondary reanalysis of a complete benchmark dataset for one-part sediment–fly ash geopolymers containing 0, 15, 30, and 50% dredged sediment. Rather than introducing new experiments, the study recalculates and integrates precursor batch leaching, crushed-mortar leaching at 7, 28, and 56 days, carbonation-conditioned crushed-mortar leaching at 60 and 180 days, and 64-day dynamic surface leaching of monoliths within a single lifecycle-state framework. Four state-sensitive metrics are used to organize the comparison: threshold utilization ratio, activation remobilization factor, carbonation recovery factor, and service-state safety margin. Internal cross-checking of the recalculated ratios confirms a clear divergence between demolition-state and service-state behavior. Mean crushed-state arsenic and selenium concentrations exceeded non-hazardous-waste thresholds by 21–29% and 20–38%, respectively, whereas molybdenum, antimony, and chromium remained well below the same limits. Relative to precursor powders, activation increased arsenic release by factors of 7.85–25.81 and selenium release by factors of 2.18–3.34, while chromium release fell to 0.04–0.17 of precursor values. Carbonation lowered pH by 2.61–2.71 units and reduced arsenic by 22.5–50.6%, but did not provide a comparable benefit for selenium at higher sediment contents. In contrast, all 64-day monolith releases remained below Dutch Soil Quality Decree limits; arsenic reached only 19.3–24.0% of the allowable value and sulfates 4.5–24.9%. The contribution is therefore methodological and regulatory rather than experimental: qualification protocols for sediment-based geopolymers should distinguish service-state safety from end-of-life fragmentation risk and treat carbonation as a selective, not universal, remediation pathway.