It really depends on your security requirements and where you're coming from or what you're comparing it to. There would be still many advantages over, say, passwords stored in a pw manager, such as no shared secrets across all sites/apps, phishing protection, and far fewer opportunities for user errors.

No, because it already uses a third party service, it just doesn't let you pick the one you want to use. I want to have the option to use a FIDO2 key, for example.