Another way of looking at it, is that if it's allowed for dropbox it could be allowed for other apps.
End of the day it's your decision whether you want to still use an Apple device, assuming you have the choice, after knowing the potential problems with it.
I think the "lame overreach" hurts the credibility of the argument--even if it has merit.
More recently Dropbox has started using a kernel extension to support its SmartSync feature, which will soon be stymied, as Apple makes it more convoluted to load third party kexts in Big Sur.
I could make the claim that GNU software can get you killed, because military organisations build applications on top of it. This is true, but it hardly seems a fair point to make in assessing something like GNU/Linux.
There are legitimate weaknesses and user hostile designs in Apple operating systems, but Dropbox is not one of them.
Edited to add: anyone who remotely cares about security would not allow Dropbox anywhere near their systems, but that’s another discussion!
And the same people will cry censorship if Apple tries to enforce anything on Dropbox.