Yep - in our case with 1Password, they’d have to crack the main iPod PIN, the 1Password PIN, and the complex master password. With yours, they’d have to manage your iPod PIN and the vault PIN/passord.
Not to mention: the owner isn’t locked out of the accounts, just doesn’t know the passwords to them. All of my online accounts have password reset procedures. It’d be a pain in the ass, but doable.
Other features of 1Password and I suspect most of the other tools as well: you can have it generate a random password for you - specifying upper/lower, numbers/mixed, special characters etc. And you can store things like library card numbers, driver’s license numbers, etc. Having used it for over a yeare now, I wonder howinhell I ever got along without it.