Thank you for your deep answer. Just for clarification I would not rely solely on the passphrase, since the seed would be stored on encrypted icloud storage. Therefore I expect it is not probable, that someone hack icloud. Or such premise is naive? I would assume, that it is higly not probable, but real, so passphrase would ensure higher security. Thank you for better understanding real threats a principles behind well thought product.
The main concern is that at some point you will need to download and decrypt the note so that you can recover the wallet. If there is malware on your device at that point, it can grab the plain-text seed.
In the real world, if you’re doing this on an iPhone, you’re very likely to be OK, it is one of the most secure platforms out there. That said, there is no guarantee that it will continue to be that way. There might be exploits in iCloud backups and/or the encryption method used, etc.
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