Yes, that is correct. All of the above is true for any custodial system, no matter if Cashu, Lightning or On-Chain. From those three Cashu offers the best tradeoff imho.

However the comparison you make is too simplistic. Cashu is custodial, there is some level in trust involved. The trust is not in the system, it is in the mint. You can move between mints or use many of them. You can use the mint of someone you know personally.

There is a lot of nuance in this.