Nah SafetyNet offloaded a huge chunk of security on Android from app makers to Google/AOSP, it's an excellent system that works great for 99.99% of uses. It's what allows safe and fast banking on Android in general.
I'm skeptical.
An immutable OS install and app sandboxing by default provide a lot of security. Those are present on third-party Android distributions that don't pass SafetyNet. Some users of those add root access so they can let a handful of apps out of the sandbox, but I'm willing to bet most of those are tech experts with better security habits than the average person.
Show me examples of actual data breaches and account takeovers SafetyNet would have stopped if you really want to defend this position.
It's an excellent system that forbids up-to-date open source systems, but is completely ok with systems that are several years behind in security patches.
It's just a way for app makers to point their finger at someone else.
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