It would obviously be tragic and damaging for someone to attack "defenseless" passengers with "traditional" weapons, but -- in my eyes -- it's not terribly different from a random attack in the street or a shopping mall.
Airline personnel and the typical cohort of passengers would simply never let a terrorist take the cockpit, which effectively removes that entire element of danger. The only super-substantial potential damage stems from an explosive of some sort, not a box-cutter, knife, or anything of the sort.
The cost of TSA (direct and indirect through delays, etc.) is immense, and truly does feel like security theater at this point. I'd be all-for doubling down on bomb-sniffing dogs, behavior analysts, and all that; but this apparent focus on "traditional" weapons seems totally asymmetric to the risk it presents.