Update, with Apple's 'Passwords' app, it appears all someone needs to do to get access to every single stored password, is grab your iPhone while it's unlocked, or sneak it from you while sleeping and use face id to unlock it.

Or, they could shoulder surf to get a 6 digit pin to unlock the phone, then steal it, then they're in.

Seems way less secure than 'Correct Horse Battery Staple'.