How unsafe is Accessibility permission on android?

Following this question, https://android.stackexchange.com/q/248171/383919 , it is apparent that we need to be careful granting accessibility permission to an app. However, sometimes, it is needed. So I am trying to more precisely understand the particular risk of this. From my understanding, "accessibility" means "simulating physical interactions with the device". This means that, 1. Once the screen is locked it cannot access anything that requires the password to access. 2. if a 3rd party app tries to utilize the accessibility permission to access some specific information like some message displayed in an app, it must simulate what the user can do to enter that app, which inevitably let the user **see** what it is doing. 3. So the only way for the 3rd party accessibility app to get sensitive information is to wait until the user brings up the sensitive information to screen by himself/herself. (Or by typing a password, etc.) Therefore, can I say that, as long as the user is not using sensitive apps (like banking apps) or typing passwords at the time they are using the 3rd party app with accessibility permission, then there is no risk of leaking those sensitive data to the 3rd party app?