Password App security

I am considering switching from 1Password to Apple Password, but have a question.

In 1Password you can set a lock time after which you must reauthenticate to use a password. By choosing a short lock time, you can in effect force authentication for each password you use and guarantee that it is really you using the passwords.  Biometrics makes this quick and simple.

I don’t see any equivalent feature in Apple Passwords. Does this mean that if someone snatches your phone, they have access to all your passwords?