So, are you saying that the data is "encrypted" in such a way as to be readable by anything which is running as your user?
Because, basically that would mean that it's not really encrypted in any meaningful way, because you inherently trust every single process to access your passwords.
Quite frankly, that sounds pretty dumb, because it means you explicitly make this available to every single process. So, Adobe could read your passwords if you read a PDF?
That's pretty weak if I understand what you said. And precisely why I don't trust applications to remember my passwords.