If they're for actual humans, even in the best case you're vulnerable to phishing, also you are a perpetual risk because you know these passwords (or a password equivalent) so an adversary might steal your passwords (e.g. from a backup, logs, test systems, ...) and now they can impersonate all users.

It's almost certainly safer than letting users pick their own passwords, but it's less protected than, say, a Google user who set up 2-step, and much less than if they went with Advanced Protection and thus can't get phished or impersonated.