I believe it stands for Free/Libre Open Source Software. I think the idea is to explicitly indicate both free as in beer and free as in speech. However, to me it just sounds like throwing in a romance term for the sake of it. But maybe I’m just ill versed on the whole free/libre divide?
I think self hosting the proxy with the services at hobbyist scale mitigates most of the security risks. The single point of failure risk is another matter. I once had to effectively reverse-hack my services by uploading a Jenkins test job through an existing java project to regain access. Ever since then, I maintain a separate ddns address that’s just used for emergency ssh access.