You also have to practice good op-sec. If Fedzilla hacks your computer and gets a copy of your private key, you screwed. Given how many MS-Windows-based zombies out there there are under the control of nefarious individuals unbenowngst to the owners of said computers, I think there is a huge population of folks out there for whom encryption would be nothing but a false sense of security.
Yes and no. Your private key is still useless without the passphrase, and you never, EVER leave that on ANY computer.
I have ONE written copy of the passphrase, in the safe with the rest of my passwords, in as tamper-proof a package as I can make it. My wife has instructions to open it IF something happens to me. . .