OP here. It's been quite a while, so I hope it's OK to resurrect this thread. Some more data follows.
I've identified three distinct modes of operation, while the phone is in normal operation mode (faceID, aware feature ON).
1. Unlock sequence. As soon as the phone wakes up, illuminator fires and stays on. When camera detects attention, dot projector fires for a brief moment to identify the face. After that the projector shuts down. Most probably it uses a lot of energy compared to illuminator.
2. Normal operation. Flood iluminator fires from time to time to check for attention. No dot projector.
3. Emoji. Flood illuminator is ON and dot projector is ON at all times. Actually looks kinda blindingly scary in IR.
Some additional videos below.
View attachment 847730
This is the unlock sequence slowed down by a factor of 3. As I turn on the phone, the flood illuminator flashes on my face. You can see me looking away, then down at the phone and dot projector fires almost instantly. Honestly the tech behind faceID is just incredible. The rest of the herd are just crawling behind here.
View attachment 847731
This is "emoji-mode" projected on the wall. You can clearly see the central flood iluminator, 1st order dot matrix and 2nd order dot matrix. Coverage and homogenity of light is, again, crazy for a consumer device, let alone a feature, which is primarily used for - emoji. I died a little inside when I saw this video.
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Front view in "emoji-mode". Left is the illuminator, right is the dot projector. Keep mind that this is recorded in darkness and with an IR camera. In reality the power is quite low, as was discussed in the initial posting.
View attachment 847735
Finally, so there is no debate about wavelengths anymore, I reserved some time on the spectrometer. There are two distinct wavelengths used here, most probably for the camera to more easily differentiate between the two. IR illuminator flashes in 932nm, while the dot projector uses 940nm.