It is not Bitcoin. It is depositing Bitcoin into a federated multisig and hoping that the federation model enforces security sufficiently and that they don’t enforce “shotgun” KYC. You do not have the ability to unilaterally withdrawal, so you can always be rugged at any time. If the USA or other big government shows up with a court order, you can be blocked.

Maybe okay if you’re temporarily using and swapping in and out, but realize it’s not BTC but instead a BTC IOU.