Liquid is a Blockchain and has a transaction graph, block explorers, etc. Everybody sees which address pays which. Monero has better privacy than Liquid because the transaction graph is "blurred", but still exists. Coinjoins can help here as well. Ecash has no transaction graph at all.

In short: hell yes!

Liquid is trying to scale one Blockchain with another Blockchain, fundamentally bad design principle

It was kinda the common mindset of everyone back when it was introduced a long time ago.

One difference: Liquid hides the amounts, which is great, but as it's a blockchain, the relationship between subsequent transactions is clear to be seen (transaction graph). That's not the case in cashu (ecash).

We will also hide amounts (soon TM, WIP), it will have such insane consequences