I'm skeptical.

An immutable OS install and app sandboxing by default provide a lot of security. Those are present on third-party Android distributions that don't pass SafetyNet. Some users of those add root access so they can let a handful of apps out of the sandbox, but I'm willing to bet most of those are tech experts with better security habits than the average person.

Show me examples of actual data breaches and account takeovers SafetyNet would have stopped if you really want to defend this position.