Something being FOSS doesn’t necessarily mean it’s safe / ethical, but a LOT of FOSS apps are designed with those principles in mind.
However, being FOSS means that if an app claims that it is safe / ethical (ex. In this case, not storing data anywhere but on your device), you or an experienced peer can check the code to verify that fact.
I’d imagine it’s the same as personal finance apps. A spreadsheet can be enough, and it is enough for a lot of people, but a custom app can make things easier:
etc.