From what I've seen, the majority of it is theater. Does that mean it's more secure than Android devices? Not necessarily.
In any case, the biggest vulnerability in any system is the end user. No amount of idiot-proofing will stop people from being scammed on an iPhone, nor will it stop someone on Android. When these companies market their "Secure Enclave" or "Titan Security", they're really just dressing up otherwise expected or boring features. The T2 chip was basically a dedicated PRNG chip with basic encoding capabilities, yet Apple paraded it as a boon for device security and game-changer for the end user. In reality, it doesn't solve any practical issues with computer security.
I've tried about every OS on the planet, and I've used them on a decent handful of different devices. I won't tell you what to think or do, but Apple's devices are difficult to appraise and hurt my head when I try to consider their impact on my overall "security". I'd much rather just use a Linux system that's transparent about it's vulnerabilities. Much of that same reasoning is why I still use Android these days.