This seems a fine tradeoff to me, depending on the context. There are datasets and operations on them where speed being sacrificed for privacy/security seems appropriate.
Ideally, give me a dial, to ask for encrypted intelligence when I need it. Kind of like a private chat, but with deeper privacy protections.
Except that's for pathetically small datasets.
What real datasets exist where this would be a worthwhile trade off versus simply owning the hardware?
The numbers are so bad that underpowered local hardware would still beat it.