I suggest you bring this up in an office hour with the security review team and see what they suggest to be sure that your app won't fail the security review process.
Now to answer it,
Server to Server invocation
Usually, the risk is very low if your connection is secured HTTPS from a theoretical perspective. In theory, an HTTPS connection does encrypt the urlURL parameters.
If you are doing it in apex and your secrets are in protected custom metadata or settings I think it's ok.
A note to the service provider of the API
The service can be invoker via ainvoked via client side-side JavaScript. Hence service provider should change to use a POSTPOST
instead of GETGET
calls.
ExampleFor example, in the browser, if screens are recorded then one can see the urlURL parameter or in the browser history this will show up and the credentials are then compromised if the browser is shared.
Also logging client secret and client inin the severserver via debug logs can be risky. If the server is not protecting these logs and they show up then this is a big security risk.
I would reachreach back to the external service provider and ask them to change to POST calls to mitigate any security risks.