This is an open-source library, so I don’t think there would be real security concerns. However, a lot of big corporations do not trust open-source libraries from Alibaba. I would still recommend Angular Material if your project is for a large enterprise in North America or Europe.
In terms of lightweight, I do find it is easy to setup. There is not much configuration needed to be done to use this library.
As mentioned, there are a lot more components included in this library than Angular material.
Hopefully, my response helps.