I use the poor man's method to secure my iCloud account and passwords by setting a separate 4-digit code via Screen Time. Even if someone steals my iPhone and even if they guess my password to unlock my phone, they still won't be able to delete/update my iCloud password and turn off Location Services. Hopefully, this will slow down the thief and give me time to locate my device or block it completely before more harm is done.
It's not perfect. They can still get into my financial and other apps on my phone but my Apple ID should remain secure... I hope I never have to test this in real life.
Here is how I set it up.
1. Open Screen Time
2. Enable Content & Privacy Restrictions (you will be required to enter a new passcode). Enter a passcode that you will remember but is different from the passcode that you use to unlock your phone.
3. Don't allow Location Services
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4. I also blocked Passcode Changes and Account Changes.
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When they try to disable any of these services, the option will be greyed out.
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When someone (including myself) tries to undo this in Screen Time, I'll have to enter the passcode.
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Feel free to try this out and let me know if you secure any other settings!