In my experience while using the trust wallet I found out that it acts as a connector to individual cryptographic ledger via their nodes. Every cryptographic ledger has their own set of public addresses. These addresses are where the cryptocurrencies are stored.
It does not hold or control any cryptocurrency, it just gives the user access to it.
It is free to access and does not earn anything when you use it.
It helps you manage your addresses, in order to send and receive Cryptocurrency. The app also provides the user the ability to do other Cryptocurrency transactions, like trading and staking.
I thereby submit that it is a decentralized wallet, user-friendly wallet, it gives access to decentralized apps unlike hardware wallets and does not keep any personal information.