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Smart Home devices are honestly a pretty mixed bag. Technical security really depends on which manufacturer is behind it and how often the devices get updates. Reputable companies with established products usually have decent encryption and patch security holes regularly. But cheap no-name cameras or smart plugs from random Chinese startups? I'd be more cautious there - they often don't get any updates at all and happily collect data without you really knowing about it.
The bigger problem, in my opinion, isn't really that hackers will break into your house at night, but more that a lot of these devices track your behavior like crazy. Your WiFi password is stored on the smart speaker, cameras send videos to some cloud server somewhere, and the manufacturer knows your habits. If you really want to be safe, you should check before buying: What privacy policy is there? How long are updates offered? Can you operate the device offline or does it always need a cloud connection?
As a practical tip: buy smart home stuff from established brands with good reviews, use strong WiFi passwords, and think beforehand about which devices you actually need. A smart speaker in every room is just creepy and nobody needs that. Some people also go for local solutions where the data doesn't go to the cloud - that's safer, but often takes more effort to set up.
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