Yes, if used as a root filesystem. My computer is setup to have immutable read-only root filesystem, any changes go to RAM. Except for the home directory. There is no swap either.

It shouldn't be a problem if you use it to store infrequently accessed material, e.g. the entire copy of Library Genesis (2.5 million ebooks). The double encryption will make sure absolutely that you cannot be prosecuted for possessing forbidden books (in countries where there is no mandatory key disclosure law). That way your reading habits are none of the government's business, period. As it should be.