Emacs has full system access with arbitrary execution so full emacs access -> full system access.
What? You run emacs as root?
Anything an LLM does on your computer should happen it its own account. No sudo config of course, or at most one that is strictly limited to what you want to allow it to do (risk here, as many programs have non-obvious paths to general command execution).
It should have zero access to your private home directory or your system configs. You can have access to its files of course. That's the beauty of separate accounts and permissions.
So? My terminal has the same full system access. If I didn't use Emacs, I'd be using Claude code in it. It's contained locally on my computer, I don't see any problem here. I use Emacs like my OS-layer. Why would I complain that my OS has access to something? It would be weird and annoying if it's the opposite.
The RCE vulnerabilities especially with community flavors of Emacs that come with access control out of the box.