Surely any state actor that wants to know anything/everything about individuals such as us already does. There's a programme on BBC on Monday about Amazon and, apparently, they already know too.
With regards to 'state secrets' and comms with our allies, then it's up to our government to protect those from everyone and, if they can't, then letting huawei into the 5G network isn't going to make any difference, because the world and his mate would be in anyway.
If it came to another state wanting to do serious damage, as an act of war, I'm pretty sure they'd be able to knock out our power grid and, without that, nothing else would work anyway. We'd probably be able to do the same to them.