I mentioned this before, with Bitcoin POW a small percentage of Bitcoin holders are securing the network. Most people have Bitcoin in a wallet and that's it. They are not participating in the network. So your example of 10-12% of ETH securing the network is no different that the current situation with POW Bitcoin or POW Ethereum. There are over 300,000 validators.
But who is securing the price?
What if If 88% of the coin holders sell Ethereum 2.0 and buy Ethereum POW.