Fine if you don't need to use it for online banking on your phone, that's my main blocker.

My bank sends an SMS for OTP.

I know it isn't very secure. But certainly better than having a seed locally stored.

I'd rather a seed on a device I own rather than being able to be smished.

If I can't see the seed and I have no way of exporting it. What do I have?

If I can't see the person in the telco being paid off to have my IMEI reattached arbitrarily, what do I have? A person who can MITM the SMS codes.

I wouldn't call an Android device "a device you own".

Why don't I own it, explain.

I choose banks which do not require mobile banking, including virtual credit cards. You can also try Waydroid to run Android apps. I heard it worked for some banks.