That feels like a sentiment from gentler, single-user time. Unless Smalltalk has grown some serious security chops in the interim.
Digging into the code, I found that the VM just gives a code block access to all top level objects by default, but that isn’t a requirement. You can instantiate your own “global” and run the block within that. Back then I believe it was being used because old closures needed to see old top level class objects that might have been changed in the meanwhile. So you can use this to sandbox functions.
I would imagine it isn’t perfect, but it could be made so.