There's a gradient of solutions - e.g. Breez wallet is now switching to "greenlight", where the nodes are running hosted and are managed by Blockstream, but all keys sit on your phone and you are signing things remotely and under your terms.
If they add some form of replication of the nodes, then we end up with similar architecture like we have currently with you running your own onchain wallet, but relying on public Bitcoin nodes.
( Roy (npub1ey6…szvp) to keep me honest on the Breez example)