The long-lived secret for TouchID is generated in the SEP, using the UID of the SoC (a secret known only to the SoC) and the serial number of the respective sensor. That key is then keywrapped with a (symmetric) key known to all TouchID sensors and sent to the fingerprint sensor. It unwraps and verifies the key and burns it into fuses.
That key is then used for establishing a session key in the field. The session key uses entropy from both the SEP TRNG and the TouchID TRNG.
Your threat means someone would 1. need to know the TouchID global key 2. slurp off all the keywrapped blobs for later, at all iPhone manufacturing sites. This then gives them to ability to either decrypt fingerprints, or feed 'fake' fingerprints to the SEP. Given that there are far easier ways of stealing fingerprints, that leaves the feeding fake fingerprints to the SEP. If you're in a position to do that you might as well just feed the phone a fake finger.