What that means is they can push malicious settings and configurations (Definitely) and probably malicious firmware to the handset at will. They don't need to code this, they buy the software packages from the usual suspects. Adversary simply needs to put a drt box or a hailstorm or what-not close enough to the handset to do the work.
The baseband can do a lot, it has dma (if I recall correctly) and can almost certainly screen look, and extract information from some but not all base bands. This varies.
GrapheneOS cannot really influence this, but hardened_malloc could conceivably help. What would be great is a bench firmware re-flash, but I don't want to do this every single day.