The answer
It can protect keys from extraction, but it cannot prevent losses caused by approving a malicious contract if you authorise that transaction on the device.
What to do next
Review contract address, token, allowance and transaction details. Limit approvals to what is necessary and consider separating long-term holdings from active DeFi accounts.
Revoke.cash
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Ledger hardware wallet
Relevant hardware-backed signing for supported assets; it does not eliminate gas fees, contract vulnerabilities or approval risks.
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Frequently asked questions
Will moving tokens to a new wallet cancel the old approval?
An allowance is tied to the old owner address and token; new addresses have their own approvals.