Earlier quoted context omitted.
AFAIK given the Ledger's on-screen confirmation process it really doesn't matter what's the medium of communication between the host machine and the device. It could as well be sent via unencrypted http routed through China, then Russia and then an NSA server all while your host device is heavily backdoored. The supply chain attacks/evil maid attacks are a much bigger issue, as pointed out in other comments.
>> It could as well be sent via unencrypted http routed through China, then Russia and then an NSA server all while your host device is heavily backdoored. As much as we'd like to believe this is the case, MITM (network or host) allows for replacement of destination addresses that show up on your screen. Redirected/malicious destination addresses showing up on your host screen will be cryptographically verified with…
There are a couple caveats. First, the Ledger Nano's screen is too small to display the entire address at once, so an attacker who knows where you might send money could generate an address that appears that same on the characters that display. (The Ledger Blue shows the full address but is getting discontinued.)
Secondly, if you're on Ethereum and using a multisig contract, the destination address is just the contract and the ETH amount is zero. The function parameters which define your actual request are just displayed by the Ledger as a warning that they exist.
I've suggested to Ledger that they come up with a way to import the json.abi and display the actual parameters on device, which is what desktop clients do. They thought it was doable but I haven't seen any suggestion of it happening.