One such option would be to have multiple users (which is transparent to the robber, and instead only accessed via a different pin) - one which doesn't include banking, messaging etc, but AFAIK I don't believe this exists (I'm on android (Samsung).
How do the security / privacy conscious folk on here handle this threat?
When I have been in more dangerous places, I’ve tried to do two things: 1) never mindlessly pull out electronics while on the street and 2) have a spare junk phone in my pocket in case anything does happen.
Start with prevention though - don't have the newest most expensive phone, don't make yourself look like an easy victim (distracted, alone, scared, weak), don't go to bad neighborhoods if it can be avoided, learn some self defense. If armed robbery is really a pressing concern there are options in many places to meet that threat with similar force. There are some criminals that will kill you even after getting what they want. That was happening in my city a while back, and I'm sure it occasionally still does.
If you have laptop, you can encrypt it with veracrypt that gives you plausible deniability. Unfortunately it’s not available in LUKS or bit locker. It’s similar to login into a dummy account. Phones could also implement such system, but they haven’t yet. I don’t know if you can hide apps.
Face or fingerprint ID protects some data. The rest, remote wipe, but the thief may not give you enough time.
But they could just ask you for your bank account information!