What do you mean, "no more security updates"?
The iPad 3rd generation was released in 2012, so the 2016 9.3.5 iOS release gave 4 years of security/bugfix support for the WiFi-only version of that device.
Which means there is a decent chance an iPad running 9.3.2 is vulnerable.
And there have been thousands of CVEs since 9.3.2. Most of low severity, but not all.
This is in a lot of the reporting about the topic and linked repeatedly in these comments. Please don't repeat false information.
Now you're right that this particular really old version also doesn't get security updates - but boy do I not have that expectation, and I would be surprised if anyone acting in good faith did.