That is one of the options, but the secure element is not something to rely too much on - because Ledger HW also has it, and in the end it turns out that the most sensitive data can still be extracted and shared with third parties.
Afaik, Trezor firmware is open source so hopefully community will figure it out if Trezor does anytyhing dodgy in that regard.
A properly made cold wallet or something like a Passport is still the level of storage that people should be directed to, especially those who want to securely store much larger values than a few hundred $ worth of altcoins.
Vast majority of people store altcoins beside bitcoin on their hardware wallets so many will avoid passport for that reason too, and another issue with it is that its not easily available as some other more mainstream wallets like Ledger and Trezor. Add on that a bit higher price (even though ~$200 shouldn't be too much to store thousands of dollars worth of bitcoin) and in the end not many people actually get it.