What's the difference between stealing the history of OCRs of screenshots on anything you did versus the ability to steal my tax/financial documents, business trade secrets, private letters, photos and other information commonly stored on a computer which can be taken in the same manner whether it is on Windows, Linux or macOS?
It's the more exposed thought process that shines a strong light into your mind. It's not just what you do but the why.
It's no wonder collecting this info is a priority. It will be a goldmine for dataminers with the right correlation. Sure right now it's not collected centrally but I'm sure sooner or later there'll be a quick "just click off this tiny T&C update before you continue" crossing our paths.
Also, it means that this confidential info is now in more places than one. It's no longer sufficient to encrypt a file and lay it on a usb stick in the safe.
And it's also there in centralised place ripe for the taking. Not even any need to scan the system to find valuable information.
If someone has admin access to your PC (which they need to access the SQLite file) they could also just install malware that sends everything you do and type over the network.
One difference is the speed apparently. You'd need the malware to be installed for a while. With recall you need to exfiltrate a couple kb of data that's already there on disk.
That said, yeah, if the user interacts dumping saved passwords is trivial as well.