I am not sure I can explain it sufficiently for but I can explain my setup and my thoughts behind it.
I use GrapheneOS with one Profile adn with Google Services and Playstore installed.
I pretty much use it similar to a normal Phone just without the vast majority of google apps and other bloat that normally comes preinstalled on Android Phones.
GrapheneOS by its own design already reduces the invasiveness of Google playstore and services as they dont run with elevated permissions like in Stock Android.
GrapheneOS gives me the option to remove network permissions from an App, use Storage and Contact scopes to prevent Apps accessing data it should not have access to.
GrapheneOS increases security of the OS with memory tagging (prevents whole classes of exploits)
My thread model is fairly moderate as I live in a stable country with due process. I dont have to fear over reaching police brutality. I want to have a secure phone for communication, sat nav, banking and occasional looking things up on the internet when I am out of the house.
I can recommend you reading the GrapheneOS Usage guide and faq on https://grapheneos.org/ they are very well written and explain why specific design decissions where made and how GrapheneOS works.
Everyone uses their phone in a different manor, there is not really a right or wrong. GrapheneOS gives you a secure and private base system you can start from.