Yes, no problem with SS benefits being deposited into foreign banks for now. And, this may not change. However, the bigger issue is getting service when something goes wrong with that deposit. For now, expats in Thailand with Thai addresses have to contact Manila, and perhaps eventually will need to travel there in person for issues. If Doge closes the office or makes it untenable to get servicing, many expats will be forced to travel to the US to a local service office (thought those are rapidly being reduced too), perhaps, and even that may be problematical without a US address in that SS service center's jurisdiction - you will not be able to schedule this unless it is in your assign area based on your address. So, this could be the start of a squeeze on US expats.
The larger looming issue here of course is that all of this crap by Doge and Trump is part of a plan to discredit the agency, thereby setting up a situation of claiming the agency does not work and needs to be privatized, with Doge raiding the trust fund for other purposes likely.