It has a high quality dedicated secure element. Qualcomm SPU is present but it's configured to use the dedicated secure element. We would be fine with supporting a budget device with only the SPU but we're quite happy we don't have to accept that compromise for the initial flagship.
Will the Graphene team make a more detailed breakdown of the device when it's released? Would love to learn more about the secure element and how it compares to Google Titan. Motorola's website seems to provide little detail