I don't even think it offers a meaningful degree of security. It's a form of theater, you have to be hand-selected to perform the audit that Apple promised.

Most sysadmins know that hash matching only mitigates a small subset of rare upstream attacks. Apple could still be MITMing the whole thing (SSL added and removed here :)) and no auditor would get the chance to check. The offered audit is so weak that I would not trust any FAANG business to administrate it.

Apple is once again demanding arbitrary centralization to give them an undeserved veto power. None of this is for security.