I practice security through obscurity every day. For example I don't flash large amounts of money when out in public. The notion that security through obscurity isn't security is and always has been monumentally stupid. In some sense sure cover is better than concealment, but in the real world 100% concealment is better than 100% cover since in the former case one won't be taking fire at all.
the problem with that (and security through obscurity in general) is that if your opponent attacks at random, they still have a chance of getting you. having lived in a bad neighborhood I can tell you that you don't have to flash money, or even look like you have any money to get into trouble (someone chooses you at random for a gang imitation, crackhead wants your shoes, or someone is just straight up crazy). it's always better to have as much cover is reasonable, and beyond that concealment doesn't hurt.