I'm not buying after the client scanning debacle. That they would even come up with something like troubles me greatly, and I was tempted to ditch Android at that point.
I saw client-side scanning as much more transparent and limited. Yes, there could be abuses, but there is not a single possible abuse worse than what is already happening every day with cloud-side scanning.
Hint: nothing technical
If the choice is between that and having my devices being used by others against me, then absolutely yes. The cloud is someone else's computer. Their machines, their rules. But it should also be "my machines, my rules".