Is any hardware wallet truly trustless?

I listened to the recent Bankless podcast where the CSO talked about the recent Ledger updates.

Essentially the argument is that any hardware wallet you must make concessions to and likely can access your private key in some way. To have it any other way, you have to build your own hardware and software.

And as a separate fact, open source hardware wallets you can’t actually know if they use the code base they released openly (they could be running something with modifications of it and it would be very hard to tell).

How true are all these claims? I don’t want a hardware wallet where I still have to put my trust in Ledger the company. I’d rather put my trust in Coinbase at that point.