AFAIK, Play Services is controlled by Google and has system-level permissions, so it could easily access Signal messages post-decryption if Google wanted it to.
EDIT: of course the fewer attack vectors the better
The Play Services however pretty much amounts to a remote root shell open at all times. Google can remove or modify code at will, and they have been known to do it in practice for spyware removal. I can understand how an activist finds that problematic.