Not necessarily. Electronic hardware and software wallets allow “you” to generate the private keys locally, but in reality, it is actually the hardware device and software that is generating the private keys. That device and software was made by someone else. If the device is defective or tampered with, or if malicious code is inserted into the software, the private keys generated by that device are unsafe and could result in total loss of your coins. With the exception of Bitcoin Core, other cryptocurrency wallets have very few if any qualified, independent developers auditing the code to ensure that there are no critical vulnerabilities.
Isn’t it safer to use cryptocurrency wallets that allow me to generate my own private keys?