https://support.apple.com/en-us/102656
This article seems to make it pretty clear that having a passcode on a signed-in device is enough to reset the password.
One of the big distinctions I make in my life is whether a passcode is being typed in frequently and in view of the public. And since these are shorter codes, the entity on guessing from a distance is much lower.
My daughter had her iPhone stolen in L.A. — she immediately wiped it remotely. The thieves were unable to access it.
I got her a new iPhone pretty fast (the budget one) and she was back in business, back in her iCloud account. (She was one of those that saw her device head to Asia. She got a handful of text messages pleading with her to remove the stolen device from her account but she ignored them.)
What, the guy just jumped into the Pacific and started swimming?
I’ve read a couple stories where someone was held in an alley while an accomplice went to an ATM to withdraw as much cash as they could.
It's all about posturing and pretending, image is the only thing that matters to Apple.