(All real examples)
It's about improving the odds/reducing the exposure, not achieving some theoretical absolute perfection.
If you calculate the probabilities correctly, you get very different results.
Suppose you take down a plane with a young Arab man, and then you want to take down a second plane. There is a neverending stream of similar men willing to do the job. If your strategy requires you to use elderly Korean couples, you're done after the first plane -- you'll never find a second one.
All other things being equal, the opportunity cost will shift towards targets that have less elements akin to "security theater", since it's basically 'money on the table' to de-risk the attack.
So, the real question to ask about "security theater" is not if it has a material impact on human safety with flying, but if its deterrent effect pushes risk to places we'd rather it not go or if the costs of performing it do not outweigh this deterrence benefit. Given the potentially paralyzing effect it would have on the global economy if air travel were covered in a blanket of fear of flying, it's hard to argue that "decentralizing" this risk to other targets is a bad idea.
Focusing most of the security effort on Arabs is a good way to fight the war of 19 years ago, but it leaves the air travel system vulnerable to upstart terrorist movements that see the lack of universal security as an exploitable vulnerability.
For example, there's nothing to say that America's right wing terrorist groups won't decide to switch from shootings and vehicle ramming attacks to attacks on air travel. The TSA ought to be prepared for this, or any other, emerging threat.
This is something that bothered me quite a bit in Bruce Schneier's various comments on airline security. He repeatedly wrote that profiling young Arab men as likely terrorists was pointless, because if it became harder for young Arab men to get through security, terrorist organizations would simply start sending Japanese grandmothers.
But of course where it's relatively easy to find young men willing to die for a cause, it's much more difficult to find grandmothers who will do the same. And where it's relatively easy for an Islamic group based in the Middle East to connect to Arabic social networks, it's much harder for that group to connect to Japanese networks.