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This is and always was insurmountably STUPID advice.
Steam is built on top of a web browser. A web browser that Valve regularly and for extended periods fails to keep up-to-date and thus is riddled with security holes.
It recently updated to iirc Chromium 109 which is already half a year to a year out of date. Before that it was using Chromium 85, which was literally 4 years old; blanketed with vulnerabilities; including no less than 3 high-profile ones that allow sandbox escapes and remote code execution and have signs of exploitation in the wild.
Giving Steam long-lasting admin permission is a recipe to get malware on your system that can instantly install rootkits or bootkits with no secondary line of defense left.
Especially when you pair it with the Steam overlay, and thus said browser, being injected into game processes inheriting said admin permission.
Not to mention: Games written by porting studios doing PC-ports on what is comparatively shoe-string budget, for whom software security is the lowest of concerns feasible. And a publisher that just doesn't care.
Case in point: The entire Souls series (possibly Elden Ring as well) sharing a multiplayer network stack that for its entire lifespan an exploitable RCE in it reported multiple times to FromSoft that they never patched, until the whole thing was demonstrated in front of a live audience in the ten-thousands through a streamer.
The games themselves become a much bigger risk factor at that point as well.