If you can build your thinking around outlining and can tolerate minute inconveniences, I think it's a nice tool for PKM. Not sure about what privacy Logseq adds, from the perspective of someone who uses Obsidian with SyncThing to synchronize his notes between devices.
Good on you. I use Obsidian because of conveniences it has and I'm still not locked-in because of the format (given that I deliberately don't use any complex plugins). If it helps, it helps, I guess.