I know of some people that never use 403, but instead opt for 404 for security reasons. 403 implies that there is something they could have access to, but don’t.

I think in some situations that this can be valid, but it shouldn’t be a crux.

Im still wondering whether OPs comment on private property was related to non digital assets or not.

Yep, exactly this.

Just hypothetically, someone walks into your house, picks up a table and leaves with it. What do you do?