I would argue that it is. However in the same way that gold, while it is a great store of value is not a specific to store of value. Gold has utility in the world. Just like ETH has extreme utility on the Ethereum network. Tokens on top of Ethereum are where the store of value and transactions are going to settle. ETH is the incentive instrument for the protocol layer.
ETH is by no means insecure as you make it out to be. There is 7 billion on the line, Bitcoin only has 22. Just saying complexity = insecurities is not accurate.