Is that a reasonable argument against using X11? Sure, for some use cases. Is it a good argument for wayland/windows/OSX/whatever to do your tiling WM experimentation? Not really, those environments kinda suck for playing around with.
[1] Or "local-ish", your system or a trusted remote has to have been compromised already. Untrusted X11 protocol still exists but is deliberately disabled (and often blocked) everywhere. Even ssh won't forward it anymore unless you dig out the option and turn it on manually.
It's not like it's not a valid argument, just that it's sort of a nitpick. Security is hard, and defense in depth is a thing, but this particular attack surface is way, way back in the "depth" stack for a modern app deployment.
Why exactly should we perpetuate the insecure old single-privilege-level desktop model?
Because after 10 years of heavy development none of the waylands have managed support simple things like screen readers. X11 supports screen readers and innumberable other vital accessibility features that wayland never will be able to. Some waylands might eventually develop extensions for their particular desktop but there won't ever be a way for wayland protocol because it can't. Security theater is more important than accessibility/usability for wayland that leaves many use cases and entire demographics of people out in the cold.
So yes, X11, which is still the least worst option. Better to have the ability to do all things than have to wait decades+ for developers to write complex extensions to do things (and just for their DE, causing fragmentation).