Not if someone can issue the certificate signed by the CA your phone trust.

Imagine being in a cafe nearby, say, embassy of the certain north African country known for pervasive and wide espionage actions, which decides to hijack traffic in this cafe.

Or imagine living in the country where almost all of the cabinet is literally (officially) being paid by the propaganda/lobbying body of such country.

Or living int he country where lawful surveillance can happen without the jury signoff, but at a while of any police officer.

Maybe its not common but frequent enough.