If you use a program with a vulnerability that is exploited, then the attacker may be able to read your files in your home folder (no need for root permissions) including your private GPG key. With that key, the attacker can then usurp your identity (e.g., sign emails) and decrypt encrypted messages that were addressed to you.

Disk encryption is useful when the disk is stolen. Not when a vulnerability in a running program is exploited.

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