Earlier quoted context omitted.
No it isn't. That would only be true assuming you have a knowledgable attacker. For most cases physical access definitely does not mean game over.
Yes it is: remove harddrive. Put harddrive on other PC. Read contents of harddrive. Or even reboot the existing PC with an OS on USB or optical drive. Unless the HD is encrypted of course, but that is not what this article and password is about.
However, encryption makes things quite a bit harder.