Yes because the FP3 is encrypted by default even if you don’t set any password/PIN.
But according to what I know it is stored in a secure environment and even if you are rooted you can’t just access any “decryption_key.txt” file. Same thing for iPhones for instance.
Of course not a single device is perfect and I’m not an expert so I can’t give more details.
Never heard of such a feature.