I think that is hard to do securely - wiping the phone implies wiping the keys from secure storage, and those cannot be restored by design.
In the real world, though, the biggest threat is governments and the biggest interactions with them are planned ones at border security and they're perfectly happy to imprison you if you don't behave in the way they want, so it would really be nice to be able to smoothly and frictionlessly plan ahead for these foreseeable interactions by replacing sensitive data on the phone with uninteresting data that can be fully exposed when you're forced to unlock it, while being able to restore the real data later.