It's a bit more complex than that as well. You might have attackers of both types and different datapoints that have different security requirements. And these are not necessarily scalars, you may need integrity for one, privacy for the other.
Even when considering hi sophistication attackers, and perhaps especially with regards to them, you may want to leave some breadcrumbs for them to access your info.
If the deep state wants my company's info, they can safely get it by subpoenaing my provider's info, I don't need to worry about them as an attacker for privacy, as they have the access to the information if needed.
If your approach to security is to add cryptography everywhere and make everything as secure as possible and imagine that you are up against a nation-state adversary (or conversely, that you add security until you satisfy a requirement conmesurate with your adversary), then you are literally reducing one of the most important design requirements of your system to a single scalar that you attempt to maximize while not compromising other tradeoffs.
A straightforward lack of nuance. It's like having a tax strategy consisting of number go down, or pricing strategy of price go up, or cost strategy of cost go down, or risk strategy of no risk for me, etc...