Not concerned about it unlocking via FaceID. If that's an issue for you, you can disable it in 1Password.
My concern is that if it Face/TouchID doesn't unlock after two attempts, it drops down to a 4 or a 6 digit PIN. That's not secure at all.
And yes, I understand you can have an alphanumerical pin option, but I don't want to have to enter one of those to unlock my phone, something I do 1,000/day, each time FaceID doesn't work, just so that I can make my Passwords more secure.
Again, I'm all for Apple Passwords, but there seem to be some basic design choices, regarding security, that were either not considered or were dumbed down for the benefit of ease of use by the general public. Makes even the thought of switching over from 1Password really much less likely.