Largely, but not entirely.

Ark service providers have full visibility into all transactions within its Ark instance.

They will always be able to refuse you service, but you can unilaterally exit if they do.

The big self-custody issue is that without covenants, providers can collude with the previous VTXO owner to rug you.

tl;dr signigicant improvements over Ark, but still fraught, especially without covenants