I'm not expert, and this is testing me :)
You can change the X-CUBE-SBSFU any way. You may change it so uploaded apps are encrypted (it decrypts as it installs to internal flash), internal apps are ver or, if the GPIO's asserted, it executes an app in external flash like in AN5188.
But anything might be executed from external flash.
The SBSFU might launch the external app with MPU enabled and unprivileged and you'd code it to access whatever peripherals it needs and not use interrupts, or dispense with MPU protection.
The external app could read out the installed app. Equipped with one legit board and your software updates, and if your board manufacturer sells them boards, they can sell both your boards and your software.
If you think you're secure against that, you need to protect your key in the SE.
I'd guess RDP level 1/2 doesn't treat execution from external flash as an intrusion and doesn't offer any protection
The X-CUBE-SBSFU example protects the key with PCROP. You can change it so PCROP protects the entire SE sans rodata. The SE callgate checks it's called only from a dedicated interface area. If there's no MPU protection, a hacker could experiment to find addresses and arguments that return and study what its results mean. They wouldn't have to target only the callgate. Any function in the SE might provide some detail. They'd get clues from X-CUBE-SBSFU too if they got their hands on it.