Depending on the Android version, most other things could be updated in other ways (security updates from OEM, system updates via play services, app updates including system apps via play store).
On top of that, you can add local and network firewalls and similar stuff to harden the system.
Basically, probably good enough for the intended usage.
What I wasn't thinking about was this tool generally doesn't need the device to be on public IP, so remove the cellular access and have it behind a LAN firewall and it should be ok.
Previously I was thinking along the lines of MMS attack's being a problem. I seem to get suspicious links regularly.
Android has pretty good "defense in depth" security, from screening in the Play Store, to the app sandbox, to kernel hardening. If you only get reputable apps from reputable sources, have an eye on phishing attempts, and have no reason to think you are a target, you may afford to have a few weak spots in your system. A lot of people run outdated Android version, and most don't get hacked, and among those who do, it is almost always phishing techniques that software updates wouldn't have prevented.
If you really can't, it you have a popular, higher-end Android phone from years ago, you may find up-to-date custom ROMs, that you can further optimize for security.
Edit; second though NO. Clicking a bad link with some browser exploit on it will still get you infected in that case. So you couldn't use this to browse the internet safely. Still as a Termux only tool seems safe.
With an up-to-date browser you run about the same risk you run if you're using a computer. The kernel exploits are problematic, but Android also adds annoying sandboxing that requires a lot of device-specific exploit code to bypass properly.
Realistically, even if just the browser was exploited and the kernel and runtime around it were perfectly secure, you'd still have a huge problem. Your browser is where all the access tokens and passwords go into and where your search history is coming from.
I wouldn't bank on these long unmaintained devices, but I think they're fine to use for most people.
I agree, seems like this is prolonging things and just delaying the inevitable.