Short answer: yes.<p>Longer answer: There&#x27;s a key that encrypts the actual data, and that key is stored on disk, but encrypted with your passcode along with a hardware key. The hardware key cannot be read, only used to decrypt. Changing your code just changes the key stored to disk, but not the encryption key, so it&#x27;s quick, but preserves security.<p>Longest and most accurate answer: <a href="https:&#x2F;&#x2F;www.apple.com&#x2F;business&#x2F;docs&#x2F;iOS_Security_Guide.pdf" rel="nofollow">https:&#x2F;&#x2F;www.apple.com&#x2F;business&#x2F;docs&#x2F;iOS_Security_Guide.pdf</a> from page 10.