Are you not following this thread? OP says you can try to enter a pin code 10 times in a row with no duration increase in attempts. If you set your 10th fail = wipe..a random person can pick up your phone and fail the pin 10 times and wipe it in under a minute.
Take the attitude down a notch. What you describe is not a security flaw. It's how it works now. Is it a bug? Maybe. Is it desirable? No. My guess it has something to do with Touch ID. Other folks are reporting there are delays so it's premature to talk about emergency patches.
In the security realm once you've lost physical control of a device then almost anything is possible. For this issue, until it's understood I recommend a current iTunes and / or iCloud backup.
Heck, tonight I might even try it with wipe turned on. Restores don't take long.