But if there's a CPU, and the link has access to the IO space, I'd prefer to first have IOMMU to avoid giving too much trust to the baseband: a takeover or exploit of whatever's parsing the messages would then be a lesser concern.
Most 4G/5G modems are connected straight to the PCI bus and I believe that's far more unsafe: with no IOMMU, in case of a baseband takeover, it's game over.
Old serial ports on well-known IO (ex: COM1 0x03f8, COM2 0x02f8) seem to have provided a natural checkpoint and chokepoints.
Or am I missing something obvious?