No, I'll make this explicit: this is a web-cam, pretending it's a security/alarm system.
Buy a nanny cam. Buy a better door lock. Buy a dog.
This is about the same level of protection that a typical alarm company offers you.
I very much doubt a typical alarm company is providing you with something which is broken on the level of this thing
The entire authentication process is decoupled from the actual device, and attackers can easily spoof device IDs and gain access and control over someone else's alarm system.
To make matters worse, nothing is encrypted, all communications are blurted out in cleartext, there is no message integrity protection mechanism and no sequence numbers for network packets.
Sorry, but that level of defective is beyond anything you can try to excuse.
But then again, people seem to have accepted that IoT will have security written by blind and drunk monkeys, but that it's good enough. So you buy one, and I'll continue to believe the IoT is just another opportunity for assholes in marketing to pretend they have a useful product.