If you haven´t already read the State Dept travel warnings, you should.
...while also keeping in mind that these "warnings" have been widely discredited, are not especially useful for visitors, and are not coming from reliable sources... though they are good to use for printing out and using to clean your footwear in desert areas.
The phrase: "Criminal activity and violence remains an issue throughout the state of ---- and its major cities" could be used to describe literally almost any US state.
Avoiding the city or not is a personal question (and I only know what I've heard and read, BTW), but all I have heard from folks who have actually been there lately is that it's fine, and in fact a great place to spend a few days in:
https://www.lonelyplanet.com/mexico/central-north-mexico/chihuahua
Sadly, tourism in the area has taken a huge hit, whether it's due to any actual crime threat or the sensationalized reports, so getting current info isn't as easy as it used to be. Here is a cool thread with some first-hand info from a few years ago:
https://www.lonelyplanet.com/thorntree/forums/americas-mexico/mexico/chihuahua-city-crime-security-violence