This part is actually pretty OK. Google takeout takes time but if you have the app set to upload originals that's what you get and you can download it any time you want, so if they make a drastic change you'd still have all the old photos.

The key phrase that I don't trust is "download it any time you want". I wouldn't trust Google Takeout to work for a banned account, and I feel like accounts can get banned for arbitrary reasons and there is no mitigation for a false ban.

I don't trust them, I just download the takeout periodically, worst case scenario you lose a few months of photos which you still have on your phone.

i use google photos for quick text based search, like me with clock tower or something. google photos can't maintain folder structure, so its always my 2nd backup. first one is miror in dropbox.