Sounds safe from boating accidents. I'm in.

Federated custody if you hold on layer2. Better than other custodial wallets, but still custodial.

Liquid is federated, but it's an interesting way to consolidate UTXOs cheaply before you settle on-chain. Aqua itself is a good tradeoff balance for some people - interoperable with Lightning without requiring liquidity management. I consider it a decent onboarding tool for people that aren't yet ready for self-custodial LN like Phoenix, nostr:npub1mutnyacc9uc4t5mmxvpprwsauj5p2qxq95v4a9j0jxl8wnkfvuyque23vg , nostr:npub1xnf02f60r9v0e5kty33a404dm79zr7z2eepyrk5gsq3m7pwvsz2sazlpr5 , etc. Avoids the upfront liquidity cost to establish a new channel.