Not when there is already a market harvesting data from stolen phones. I think you probably haven't considered the impact for the standard user around using email as a authentication authority point.
Its like a skeleton key to your personal data, and with that you can get access to financial services very quickly. Hence why a black market exists, and I garantanee there is already rooting kits out there designed to own that data in seconds.
BTW obfuscation is not a security measure, and IMO its shameful and irresponsible to perpetuate that myth.
If someone has root on your phone, they have your passwords. It doesn't matter how they're stored on the disk. Protecting a key from someone who has full access to storage and memory is very hard.
Its like a skeleton key to your personal data, and with that you can get access to financial services very quickly. Hence why a black market exists, and I garantanee there is already rooting kits out there designed to own that data in seconds.
BTW obfuscation is not a security measure, and IMO its shameful and irresponsible to perpetuate that myth.