First off it ignore the fact that if you include frail patients you’ll confound the results of the trial. So there is a good reason for it.
Second, saying “rate of SAE is higher than rate of treatment effect” is a bit silly considering these are cancer trial - without treatment there is a risk of death so most people are willing to accept SAE in order to achieve treatment effect.
Third, saying “the sickest patients saw the highest increase in SAE” seems obvious? It’s exactly what you’d expect.
Second, you're ignoring the possibility of other treatment options. It isn't always the binary life-or-death you're making it, so SAEs do matter.
Third, a big part of trials is to discover and develop prevention methods for SAEs. Explicitly ignoring the people most likely to provide data valuable for the general population sounds like a pretty silly approach.
Frail patients confound results. A drug may work great, but you’d never know because your frail patients die for reasons unrelated to the drug.
Second is obvious as well. Doctors know there are treatment alternatives (with the same drawback to trial design).
And I already touched on your third point. The alternative to excluding frail patients is not being able to tell if the drug does anything. In many cases that means the drug isn’t approved.
Excluding frail patients has its drawbacks, but it has benefits as well. This paper acts like the benefits don’t exist.