No, not that easily. Your phone could have 2 flash storages and do all the android stuff in there, with hardware TPM, A/B root, verified boot, rollback prevention, not rooted etc.
Ironically this is not even enforced by those shitty banking apps, GrapheneOS is way more secure and will probably be blocked by some apps soon, as they are not a “google certified OS”, replacing the old SafetyNet.