I would most definitely not recommend Matrix for private or sensitive communication, no.
https://soatok.blog/2024/07/31/what-does-it-mean-to-be-a-signal-competitor/
https://soatok.blog/2024/08/14/security-issues-in-matrixs-olm-library/
Matrix is fine as IRC replacement, it might also be a decent replacement for Telegram's channels thingy, sure. But I would not trust my family photos to it. Much less anything actually important.