Yes, we often say security and think it means total protection. It doesn't. Its rare to see any security feature that cannot be bypassed or broken by some means. This is why we implement security in layers. If it were a binary state then a single layer would be sufficient. The idea is to make it so difficult to break through every layer of security that it becomes impractical but there will always be someone who does it.

I also don't think Apple is dishonest in their marketing. Fingerprint scanning is absolutely better than a pass code and the marketing around it all gives the impression that using it ensures no one can unlock your phone without your fingerprint. Nothing dishonest in that. Plus the layperson really has no interest in learning the specifics anyway so I'm not sure it matters what they say about it so long as it sounds cool and futuristic.