If two of the three companies return their shares to your new Ledger and you combine them, then all you can do is recover your encrypted seed phrase. Without the decryption key, you cannot restore your wallet. Where does the decryption key come from? Who is providing it? We simply do not know.
I also thought about it. Theoretically, hackers can make a patch for Ledger Live to intercept the encrypted Seed, which is divided into 3 parts. Of course, without the decryption key stored on the Ledger, they can't do anything. But where is the guarantee that this key will not leak in the future? So I think such a step on the part of Ledger is too presumptuous.