Except the three pretty major things that do stop malware that you mentioned ;)
Perhaps especially "3. You don’t have touch to auth turned on".
It still would be a good idea just to make sure that it's easier to analyze logs, but it's not strictly needed.
And if you want to be EVEN more pedantic, on most touch-based keys, you have to touch within 10–15 seconds otherwise it times out.
So it is not a waste of effort at all. First the need to touch at all eliminates a large chunk of attacks. Second the need to touch within 10–15 seconds eliminates a whole bunch more.
There would have to be some heavy-duty alignment of ducks going on to get past a touch requirement.
Even more if the target has touch AND PIN enabled.