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Good questions, from my understanding there are a few ways someone can snag all your crypto.
If they have your passphrase they don't need your device or pin, they can just “restore” your wallet and set their own pin and do whatever they want. This is why it is so important to not type it or take a photo of it.
Another way that you touched on is to steal your device and trick or force you to give up your pin. As someone else mentioned to protect against this you can setup secondary pin with very little crypto so I'd they hold you up at gunpoint you give them the secondary pin and they can't get much.
For regular POS use I imagine there will need to be some improvements in how to securely use in store, such as utilizing it through a debit card. Or using one hot wallet for daily use and a cold wallet for long term or keeping the bulk of funds. The major problem with that right now is gas fees, no one is going to pay $40 in gas to transfer $20 to a wallet so they can hit McDonalds. Maybe a new Ledger Live feature to allow mobile approved device to conduct small transactions without the need to enter a pin.