Ximile I finally made the switch and installed GrapheneOS on my Pixel 6
Welcome to the club.
Ximile I'm not aiming for maximum security, but I would still like to isolate some applications.
If "maximum security" is not the goal, then I'd advice not splitting things up into profiles any more than necessary. While multiple profiles do offer better security, they can & will also be really inconvenient over the long term. You won't want to use a set-up for long if it's annoying, leading to lots of re-installing & unnecessary work down the road (been there, done that, having used separate profiles for basically everything before personally).
Ximile Does this kind of profile separation actually make sense, or is it unnecessary / overcomplicated?
Private Space can act as your "Google profile." It provides the same security & isolation as a full profile with the difference that it's much, much more convenient to use. I'd personally recommend using a Private Space for your Google apps any day over a full profile.
Ximile If I disable apps in the Owner profile, they shouldn't be able to communicate with each other from there, right?
Apps can't communicate over profiles. Even if multiple profiles have the same app installed, all of them are considered separate & independent instances which are isolated from each other.
Ximile My main daily profile
I also used this set-up for a time until it got too cumbersome. It sounds like a good idea at first, but hear me out. There are lots of settings that only the Owner profile can change; you'd be surprised how many settings you think are "basic" are blocked from being changed in secondary profiles. Every time you want to change one of them (even temporarily), you have to log out of your "daily" profile, log in to Owner, change the setting, and then log back into "daily." Over time it will get frustrating.
The security benefits for the average user are also minimal. Your main threat probably comes from the apps you install; if you only install trustworthy apps, it's basically one & the same whether they are installed in Owner or a secondary profile. You'd only be frustrating yourself if you don't use Owner as your daily driver.
TL;DR; Use Owner as daily driver & use Private Space for Google apps.
Good luck & have fun.