No, it's very inaccurate and is a common misconception among people who aren't developers or security researchers about open source. It does not provide anything close to what you believe it does. You still highly trust the developers of software released as open source and even rare cases of extensive external review do not find all or most vulnerabilities in practice. Finding subtly hidden vulnerabilities would be even more difficult.
https://grapheneos.social/@GrapheneOS/115651550181157144
