Yes and no. Think of it this way: if you have a graph of security against cost, there is a line which represents possible tradeoffs of best security for a given cost. You are saying, we need to think about where we want to be on the line. I don't think we are even on the line.
Fliers need to make it clear that they are OK with the fact that if they want to be treated better, security will not catch all security risks.