This will depend upon your relationship with your advisor. Does your advisor solicit your opinions on projects? Does he/she project openness about projects? Does he/she give you several options of projects? Does he/she ask for your suggestions?
If yes, then I think you can have a frank conversation with your advisor. Mention your concerns politely, and ask your advisor for their thoughts on those issues. Maybe your advisor has already given them thought and has some reasons to think it's a better project than you realize, and can explain to you. Maybe your advisor thinks highly of you and has handed you a long-shot high-risk high-reward problem, on the idea that you might just solve it, and if you do, you'll hit a home run. Or, maybe the concerns haven't occurred to your advisor and that might lead to a fruitful discussion about how to deal with the challenges, or might lead to a change in your project. It's also possible your advisor might have good advice about how to mitigate the risks you are most concerned about.
For instance, one piece of advice I got from my advisor was: be ambitious, reach high, but also design your research to "fail fast". Think proactively about what are the most likely ways that the research might fail, and then try to order your work so that if the project is going to fail, you discover that fact as quickly as possible. That's not always easy to arrange, but your advisor might have helpful suggestions for you.
If your advisor doesn't seem likely to welcome discussion about which project to work on, you can still raise these issues, but you may need to be even more deferential and careful about how you raise them.
Some things to avoid: Be very careful to avoid sounding like you are whining. Faculty put a lot of effort and thought into trying to find good projects for their students, and it can be very challenging (you want to find something that they have the skills to succeed at and that they have a chance of completing successfully; but on the other hand, you want to choose an ambitious project which if successful will lead to a good publication, which often means it is hard to know in advance whether the project will succeed or not). My experience is that many students tend to be a bit critical and "picky" about projects, so be careful not to sound ungrateful.
Also be careful not to be too arrogant. Your advisor probably has a lot of experience with research, whereas you are just learning. Therefore, your judgement may be a bit off.
Also, keep in mind that it is expected that many research projects fail. Therefore, you have to be willing to take risks and take on research projects where you're not sure whether you will succeed, and you have to give 'em a good try. You should expect that perhaps 50% of your research projects will be failures, or at least will succeed in the way you initially envisioned. If all of your research projects are a success, either you should maybe consider taking on harder problems, or else you are very lucky to have an amazing advisor.
Moreover, remember that it is important that any research project you take on relate to shared interests. You want the project to be something your advisor is excited about; if your advisor is unenthused, nothing good can come of it. So if you've noticed that your interests seem to be a different than the things your advisor is excited about, your advisor may be trying to thread the needle of finding something of mutual interest.
One last thought: if you think your project sucks, one constructive way to move forward is to try to identify a better research project and propose it to your advisor. If it is truly promising, and if it is in an area of interest to your advisor, he/she might get excited by your idea and encourage you to run with it. Just be careful: since you don't have as much experience as your advisor, you don't have as reliable a judgement about what constitutes a promising project and what doesn't.