secretsmgr handbook
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Who are you defending against?

"Is it secure?" is not answerable. "Secure against whom, doing what?" is. Answering that second question is called threat modelling.

AttackerWhat they haveRealistic?
Curious colleagueValid access to some thingsVery. The most common real incident.
Network eavesdropperSees traffic between you and the serverYes: coffee shops, corporate proxies.
Someone who got the storageA copy of the repository or a backupYes. Backups get copied to strange places.
Someone who owns the serverFull control of the machine holding everythingRarer, but catastrophic where it applies.

That last row is the one most systems fail, because most systems give the server the keys. Part 2 is about what happens when you refuse to.