If you unlock and you cannot run google wallet or your banking app, it's a closed box and the EU anti-monopoly lawsuit may still apply on this. But, if they can make a "trust" story run about LEA access to lawful decode or something, this might go away.
I'd say that the projections about fuschia and the like have turned out to be less interesting than some people hoped: but having two OS in the public eye (3 or more if you include Android TV and whatever closed systems run on Nest and Chromecast) was always a mistake.
I can live inside termux but there are things termux struggles to do, (like tcpdump maybe? and interacting simply with data downloaded from outside termux because of sandbox rules), which I very much would want.
I do not like how Android interacts with removable storage. It's an anti-pattern.