It is no more special than any other recessive deffect. Both TH and PHA are recessive deffects, which means for there to be any physical affect from the deffect then the calf must be homozygous for the trait(posess 2 rececessive, deffect genes). If a calf is heterozygous(carries 1 recessive, deffect gene and 1 dominant, normal gene) then the dominant, normal gene will override the recessive, deffective gene and the calf will physically be normal. With both PHA and TH positive, or homozygous calves are lethal either at or shortly after birth. PHA is a deffect with lung development, these calves are almost always dead at birth. Because of the lung deffects they tend to retain fluid and be HUGE, PHA calves often have to be cut out via C-Section and run a high risk of losing the cow as well. TH is a deffect with tibial development, the legs often apear to be twisted. Many TH positive calves from my experience and research are born alive and cows dont typically have issues having them unless they are high birthweight calves which is an entirely different issue. TH positive calves often die or are put down shortly after birth. Because of the leg deformity they will never be able to stand.
As far as genetic probability it works like this. We will call the Dominant(normal) gene "D" and the recessive(deffective) gene "r". All animals carry 2 chromosomes with one copy of each gene on each chromosome. So an animal that is clean of the deffect would be DD, and animal that is a carrier would be Dr, and an animal that is positive would be rr. However sperm and egg cells are only single chromosomed cells, they do not become dichromatic until they join together, thus a carrier bull or heifer can only pass on one of the genes not both. So if a carrier bull is mated to a carrier cow and the bull passes on gene D it will either join with an egg carrying gene D resulting in a DD(clean) calf or an egg carrying gene r resulting in a Dr(carrier) calf. If the bull passes on gene r it will also either join with an egg carrying gene D resulting in a rD(carrier) or an egg carrying gene r resulting in a rr(positive)calf. Thus you have 4 possible gene combinations but 2 of them result in a carrier calf, so you have a 50% probability of having a carrier calf, a 25% probability of having a clean calf, and a 25% probability of having a positive calf. These percentages are for that one individual breeding, this is not saying that if you bred that exact same cow and bull 4 times that you would get 2 carrier calves, 1 clean calf, and 1 dead calf , we have no way of predicting that.
As far as the risk goes its pretty simple 75% chance is your calf wont have any physical issues, the other 25% is a chance that the calf will be lethal. I guess it all comes down to this, is the chance of a mating producing a superior calf worth it to you enough for you to be willing to take a 25% chance on losing a calf and possibly a cow? If not, then dont breed a carrier to a carrier. If it is worth it in your opinion then that cow must be pretty special and the mating for me would most likely be a flush and recips would carry the calves, because I wouldnt want any known calculated risk of loosing a cow of that caliber.