On the other side, if you have an unencrypted device, you make it easier for someone to steal your data. Especially if you have an unlocked bootloader, people with malicious intent and a some knowledege of the field can hijack your phone regardless of you having set a lockscreen password. BUT only if they get it in their hands. Because they can then read out the data or flash some new software to your phone which does that for them.
We are not talking about Application level data theft here, because when android is running, the fact that the storage is encrypted is abstracted away by the kernel anyway. Malicious apps can access whatever the can gain (or are given) permission to access.
So overall it depends on your threat model.
Do you think your device might get stolen with the intent of accessing your data and this would be devastating in some sense? Definitely encrypt.
Do you think you can look after your stuff and will probably not lose your phone, also there is nothing really significant on it? Don’t encrypt.
My personal opinion is that one should always choose encryption where possible, so that we someday arrive at encryption by default. Then, there will be no “oh, you encrypt, do you have something to hide?” mentality anymore.