Your facial features are very likely to be similar to people who live around you. I don’t believe this is true of fingerprints.
So it seems it’s far more likely that the 1 in million chance of an overlap will be around your phone than the 1 in 50000 chance in case of TouchID.
When it comes to unlocking phones, I'm far more worried about family, romantic partners, friends' kids playing pranks or trying to get a bit of cash than I am about some organized crime gang or CBP faking my face or fingerprint.
Is this your assumption or do you have a reference for this?
Apple is being misleading with that number, because it assumes an attacker would throw random photos/profiles at the iPhone X, not profiles that look very similar to you, which is far more likely to happen in practice.