Of course this comes with the risk that someone exploits the firmware and extracts the key, rendering secure erase useless, but in most cases that's good enough.
Assuming you can trust the drives to actually encrypt:
This works on the economic argument that if you could easily recover data from a disk that's been rewritten, drive manufacturers would exploit that already to increase storage.
If your threat model includes attackers who bypass the firmware to read overwritten data, you are probably boned several other ways.
Of course this matters less on slow disks, where the bottleneck is the writing speeds anyway.
Your great, great grandchildren will be embarrassed of the websites you visited.
Asymmetric algorithms like RSA are the ones you should be worrying about, and I can't imagine any reason someone would do disk encryption with an asymmetric algorithm.