I'd like to give a different take.
This question is definitely opinion-based, but should remain open
Regardless of what Dumbledore may have said concerning his choice, regardless of what any character may have said regarding this choice, regardless of what J.K. Rowling may have said regarding Dumbledore's choice, it is an opinion-based question.
Mind you it is a very very Good opinion-based question, and almost by definition a good-subjective question, but it is opinion nontheless.
There is no canon that exists where Harry Potter was not brought up by the Dursleys. There is no way we can possibly know who he would've been raised by if not them, and for all the awful things they did to him, we have no other life to compare him by than the one he had.
An upbringing is something a character only gets one shot at, barring time travel or explicit parallel universes. We can argue that his upbringing was for the greater good, or we can argue (as Dumbledore later did himself) that the damage done by this upbringing was not worth the protection it offered. We'd be no more or less right to argue either case.
I'm not voting to close this question, because it is a genuinely good subjective question that lies at the core of the work in question. But I'm convinced that it is subjective.