I'm not privy to HSIC details for phones, but most high-speed chip interconnects I've seen are a proprietary, vendor unique solutions with little global commonality, and some of them do feature direct memory access too. So, though I'm speaking with a fair amount unknown on my part, it still seems like a fairly high risk - even if one removes the DMA feature from the interconnect, it still ends up running some sort of lesser reviewed proprietary protocol stack.
In modern flagship phone designs, the baseband is an adversarial component. It isn't trusted with access to AP memory. It's accessed like a peripheral.
Nobody doubts that there are vulnerabilities in baseband processors. There certainly are. What I object to is the accompanying story that an exploit in the baseband gives you unfettered access to memory on the phone. I don't know how far back you have to go for that to be the truth, but it isn't true today for flagship phones.
Nobody should minimize the importance of baseband flaws. They're very bad for the security of the phone in its cellular phone capacity. But there's a reason why an Apple phone has separate silicon for the Secure Enclave and for the encrypted memory bus it uses to access memory: it's because the components of the phone don't trust each other. Should you trust GSM? Fuck no. Are your SSH keys more secure on an iPhone than they would be on your laptop? Fuck yes.
If you must use Android, don't use random Android phones. Stick to Google's phones.
Don't ever get your security news from Boing Boing.