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Think of it this way:
Would you rather leave door wide open and signs saying come inside and take all the info about me, along with all my moment
Or
Have your data, & money protected in all kinds of defense systems so it makes billions times harder to take all of that
That’s what security updates are for. Same for other apps as well when they find things bad actors will try to exploit
In fairness, after October that security system will still be in place. The difference is that as soon as attackers finds a bypass, the security system will be worthless against future threats
I wouldn’t be surprised if there are some exploits that have already been discovered that people have been sitting on in anticipation of support ending soon.