I have a number of sites where I use Adobe Launch and GTM in parallel, I also have a number of sites where I use only Adobe Launch and do the GA through Launch.
I do not, nor would I ever to the opposite where I use GTM to control Adobe Analytics. Is it possible.. sure (with a lot of custom code), but it's pretty brutal...
While @bjoern__koth is correct in saying there is no official GA extension in Adobe Launch, the Global Site Tag (gtag.js) extension works quite well.
NOTE: I did recently discover a bug with how it was setting cookies.... it was setting them to session by default, and despite the plugin saying "Cookie Expires (# of days)" with the description being "The number of days until the Google Analytics cookie should expire. Defaults to 730 (2 years)."
It's not in Days... It's in Seconds, so please manually set that value to something like 63070000.
Even without using this plugin, GA is generally fairly simplistic, so using custom for your GA implementation is also fairly easy.
Honestly, GTM is not as flexible a tag manager, for really customized needs, it's not as easy to use.. and if you have a lot of different triggers, trying to maintain two sets of logic can be a lot of overhead, and extra code bloat... I don't find GTM to be that "lightweight" to be honest... it constantly shows up as worst offender in a lot of our performance tests (granted, we also end up with multiple GTM instances on our site cause a lot of our advertiser add their own GTM container via their ad creative... that doesn't help)
If you are really concerned about separation of concerns (making sure that GA and Adobe are isolated), use both tag managers. If not, and you want a more concise and consolidated way to manage your tracking, then you can use Launch for both.
Just make sure you are fully testing your implementations and getting the results that you expect.