Sounds like an interesting concept. Having used many DAWs over the years, I've got two main questions: In what format are the projects stored? Is it proprietary? Is exporting and importing easy? And somewhat related, what happens to this app if/when the company is sold/goes under/changes business models? Will all the recordings I made still be accessible?
To the best of my knowledge, it stores ordinary audio files in your chosen file location…but you should probably verify how it addresses your concerns yourself with a diligence commensurate with your perceived risk.