I confess that I don't follow this.
I only have assets on Coinbase and generally assume they're reliable enough (from a technical/security stand-point and legal) that I don't bother jumping through hoops to do a wallet on my own device or hardware wallet.
Is it stupid? Maybe, but I think I'd be more likely to screw up somehow with the other approaches.
With real banks, there are pretty clear pecking orders for creditors vs depositors and depositors have FDIC to cover at least some in the worst disasters.
Would you have higher priority in getting your own coins back over senior debt holders?
“Not your keys, not your coins” is exactly what it sounds like. You really have no say at all in how the above scenario plays out.
There have been a hundred+ years of laws to figure out how to give rights to cash, bonds, equities to people who have them held by an institution. That hasn’t happened with crypto.
By contrast, as another commenter alluded to, fiat banking has an extensive system of laws and precedents that decides what happens in cases like this, which crypto lacks.
But who can tell how long until you get your coins in such a situation.