It has very poor privacy and security. See https://discuss.grapheneos.org/d/24134-devices-lacking-stand.... It lags extremely far behind on kernel, driver and firmware patches even when they're available. It lags far behind on AOSP and browser patches too. As an example, /e/ on the Pixel 7 is still on Android 13 with multiple years of missing High and Critical severity kernel, firmware and driver patches since they didn't backport it to Android 13 while the Pixel 7 is on Android 16.
