I have heard it said that security is the new power when it comes to microarchitecture. I feel like that’s something security enjoyers tell themselves to be happy.

I don't understand your comment - did you want to say that hardware security is overrated or that security and microarchitecture don't mix?

Or maybe that security doesn't have a practical application?

Or maybe just a joke, that most of the world does not care so much about security, unlike security minded people would like to?