Secure elements require a level of trust because its a black box. Blockstream Jade remains fully open source and transparent and instead offers a "virtual" secure element using a blind oracle.
https://help.blockstream.com/hc/en-us/articles/9639949755673
3rd party/Server dependency for storing funds, no thaaaank you ;)
Using a blind oracle does not pose any additional threat to your funds, as it is fully blind and does not know anything about your wallet data. In order for wallet information to be extracted from Jade, an attacker would need to physically hack Jade and the blind oracle. Hacking or altering the blind oracle alone is not enough to extract any sensitive data.
You can also run your own oracle.
Using Blockstream's blind oracle has the advantage of "decentralizing" your security without compromising any wallet information, however some users may still prefer to run their own blind oracle on a laptop or Raspberry Pi for example.
