The munitions are believed to be largely artillery shells.
Quite a bit was offloaded before the ship 'sank' (went from merely grounded to broken, probably splitting in half as Liberty ships tended to do), but the records aren't good enough to be certain how much. Presumably all of the easily reached cargo was salvaged.
The shells probably have (had) wartime thin steel casings, rather than brass. The projectile/shell has thicker steel/iron construction, but they aren't generally shipped with the fuse installed. It's really likely that seawater has degraded the propellant and explosives to the point where it's not viable.
But not completely certain. So I'm not volunteering to dredge the site. Let's just leave the bouys out and wait another few decades until it's Someone Else's Problem.