Cultural heritage, a testament to human history and civilization, has gained increasing recognition for its significance in preservation and dissemination. The integration of immersive technologies has transformed how cultural heritage is presented, enabling audiences to engage with it in more vivid, intuitive, and interactive ways. However, the adoption of these technologies also brings a range of challenges and potential risks. This paper presents a systematic review, with an in-depth analysis of 177 selected papers. We comprehensively examine and categorize current applications, technological approaches, and user devices in immersive cultural heritage presentations, while also highlighting the associated risks and challenges. Furthermore, we identify areas for future research in the immersive presentation of cultural heritage. Our goal is to provide a comprehensive reference for researchers and practitioners, enhancing understanding of the technological applications, risks, and challenges in this field, and encouraging further innovation and development.