Apple is rolling out a new “Stolen Device Protection” feature that seems well thought out:
When Stolen Device Protection is turned on, Face ID or Touch ID authentication is required for additional actions, including viewing passwords or passkeys stored in iCloud Keychain, applying for a new Apple Card, turning off Lost Mode, erasing all content and settings, using payment methods saved in Safari, and more. No passcode fallback is available in the event that the user is unable to complete Face ID or Touch ID authentication.
For especially sensitive actions, including changing the password of the Apple ID account associated with the iPhone, the feature adds a security delay on top of biometric authentication. In these cases, the user must authenticate with Face ID or Touch ID, wait one hour, and authenticate with Face ID or Touch ID again. However, Apple said there will be no delay when the iPhone is in familiar locations, such as at home or work.
More details at the link.
