If you are having problems testing "big" releases then your release cycle is to long. The underlying principle of release often is that often == smaller releases. If you are having problems and you are only releasing small sets of features that don't take long to test then it is your release engineering team that is the bottleneck, their waterfall approval process needs to change.
Release into a common dev environment all during the sprint, release to a QA environment during the sprint.
Release into a reference environment at the end of the sprint for the demo of only the completed ( and tested ) features.
Release to production whenever the product owners want.
Risk of bugs should not be an issue, since bugs should not have any correlation to the frequency of the releases, actually more releases should actually mean less risk and less bugs. Testing should be done during the sprint, not after. If something isn't fully tested and might be buggy then it isn't done and should not be demoed, much less released to production.
In the end release to production should be the product owners call. A politicized waterfall release engineering process almost never keeps bugs out of production, it just makes the show up later rather than sooner. Managers ticking a check box on a form with their "ok" isn't keeping buggy code out of the customers eyes. Frequent releases to QA during development will. Testing should not be part of the release engineering cycle, it should be part of the development cycle.