If it does anything to add privacy it’s a good thing, even if it can be sidestepped, it’s a good thing.
Just because a lock is easily broken that doesn’t make it useless, it can still act as a deterrent for opportunistic crimes.
One time I took a bike to festival. The first few days I was locking it up safely with a bike lock and chain, as I’m used to doing in the city. Eventually I decided to just use some rope to tie it to the rack with a basic square knot. I would always half expect to come back and it would be gone, but I rode that bike home from the festival.
Even if the software is open source and provably secure (hahaha) you should probably assume that there is a way for a MOTIVATED actor to extract data from your internet connected device that THEY have possession of! Moral of the story is be smart and/or don’t put stuff on your phone you don’t want other people to see.