Biometric fallback to passcode is really dumb. But at the end of the day, if the thief has your passcode, he can add his mug to faceid/touchid and access your keychain without a password.
A separate pin lock for the keychain is ideal. Make it optional for those who don’t want to use it.
Even if you get robbed at gun point and is forced to hand over passcode, perpetrator would most likely run off with the passcode and phone. At least you know the keychain is secure. Gives you enough time to remote wipe the phone or change password on the Apple ID.
I use screentime to disallow account changes, passcode changes, and cellular changes. The screentime is locked with a pin. If said phone is gone, I can disable and delete the phone remotely since thief can’t turn off find my iPhone.