Do apps like iMyFone LockWiper actually work?

I recently had my phone stolen and would like to know if I should change all my debit cards and other sensitive info. I want to know if is it possible to actually **bypass the default lock screen and password** for Android on a Samsung Galaxy J7 Pro . I am running Android version 12 and **do not have developer mode enabled.** Apps like iMyFone and LockWiper claim that they can do this. If so how? I thought, **your data was encrypted if you use a password.**