I’m not touching it with a long stick until someone does some proper security analysis on it
How would that happen? It’s proprietary software, we don’t have access to the source code. And that’s the whole point. We can’t verify what it does and we can’t modify it.
The alternative is Free/Libre Software. That’s what Lemmy is, Jerboa and many others. Their authors publish the source code and let their users study it, modify it and distribute it. Because they are not trying to hide anything from us. That’s the ethical way to make software.