In my opinion having to share the SecurePrint code among all fragments in an M-of-N fragmented backup scenario, is a security flaw. If an adversary manages to get access to all the fragments without the SecurePrint code (e.g by MITM the printer) he will only have to get a hold of one of the fragments to be able to get the SecurePrint code and restore the wallet.

I don't consider this to be a critical security flaw, but still something worth considering and maybe fixing for a future release.