This can only be bypassed if there's an exploitable vulnerability in the code within the trusted environment. That's ok, though, because we can make the set of code we need to trust almost arbitrarily small. There's no need to trust the on-disk /sbin/init - just download a new one.
Is making it significantly more difficult for an attacker to engineer a persistent compromise of a system an improvement of security? Obviously. Does Secure Boot provide a mechanism for doing so? Yes.
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