Coiled copper wire around 15a power cable for AC
What you have there is basically a transformer. There would have to be some voltage induced in the copper conductor, but across only a couple turns of the paracord (the width of an infant's mouth) the voltage would have to be quite minimal because 1) the paracord is wrapped around both hot and neutral so the magnetic field will be near zero and 2) the distance between the paracord and the conductors in the power cord is relatively large. There doesn't appear to be an increase of risk of fire or damage to the power cable on account of the paracord being wound around it.

Unless the infant makes quite a routine of it or bites very hard, I'd guess he's unlikely to pierce the insulation on the power cord anyway.

You could consider treating the cord in some other way if you desired:


apply something bitter/unpleasant but relatively non-toxic to the cord as a deterrent: soap, or water with a heavy dose of salt or hot pepper powder mixed in
some other physical protection: make a sheath by splitting a few feet of vinyl tube obtained from a local plumbing store, use split loom tubing, etc
place furniture, a box, or other object to obstruct/conceal the cord until the child finds interest in teething on some other thing