Look, if you have user access to the account, you can get its data. Even if you somehow make Wayland 100% secure, you can still replace “firefox” shortcut with malicious version which also steals all your passwords. No windowing aystem involved at all.
It's the difference between having a poor quality lock on your door and having no door at all.
As for dropping events... the idea is to isolate clients, such that it's as if X resources not owned by the client do not exist to the client. If the UX of the client depends on violations of that rule, then it's either a program like a window manager that should go on a trusted whitelist, or it's up to something nasty.
Note that Firejail does this by using Xpra as a proxy to the real X server.