No quite. Your ideas are not all correct.
If you have an EFI (firmware) password, then you can't boot to another OS without entering that password.
If the hard drive is removed from the EFI-protected computer, then the hard drive can be accessed, assuming it is not locked/encrypted.
(You make it sound like it is simple to remove the drive.)
You would require the passcode for a locked, encrypted hard drive, as it can't be accessed without it.
EFI password will prevent booting to another system, or to another boot volume (even if that alternate boot volume is on the same internal drive.)
BUT, you do have to consider that an EFI password might be rarely used, and if you need to boot to another system (or even reset NVRAM), and you realize that you forgot the EFI password, then you must contact Apple to reset that password. There is no other alternative for a forgotten password. BUT, the EFI protection does not protect your data, it only prevents access to the hardware. If you need to protect your data, then you need to use another protection scheme, such as encryption.
So, an EFI password is something like a kensington lock, which might help avoid casual thefts, but not brute force thefts. Same for the EFI password, no access to the system, but removing the drive completely gets you past that level, which simply is a software layer provided by the EFI.
The "Mac-knowledgable" criminal will understand the limitations of EFI (removing the drive, if necessary), and can easily bypass a login password. An encrypted hard drive might not hold off a determined, talented thief.
As Apple is likely going to start providing an "enclave" chip, that should make any attempts at taking data extraordinarily difficult, if not impossible (like a locked iPhone...)
But, then again, if I was an expert, wanting to get at someone's data, and it was some quite valuable stuff, I would probably try to discover the local backup drive - which might not be protected at all, just laying out there in the open.
