No. "Water based" means the primary solvent in the paint is either water, or something compatible with water. It is possible to have other solvents in the solvent blend, and they may or may not be toxic. There are a LOT of things that go into a modern paint, and you want none of them in your body. There is no paint that you want to smell or inhale in any quantity. While there are still a lot of people who will tell you otherwise, adequate ventilation is always necessary. The difficulty is in defining "adequate." I've given my definition.

To start out, consider one of the smaller commercial booths—just don't decide to build a 1/32 B-52. As long as it vents outside, and the model fits inside the booth, you are good to go. If I recall correctly, some of those are under $100.

The main expense of a home-built spray booth is the fan/motor combination. My first spray booth, forty-odd years ago, was made from scrap plywood and lumber, and a scavenged explosion proof fan. Total cost at the time was under $20. Used acrylics only.

I'm not trying to be discouraging. If you only do brush painting, a fan in the window might be enough. But if you are airbrushing or using an aerosol can, you need better than that. If you can smell it, you shouldn't be.