First Impressions

From a security standpoint, it doesn't matter what the company does or does not want, they must assume that the employee has an independent copy of every credential and therefore all passwords/credentials/2FA codes/etc must be revoked or rotated.

You cannot rely on a remote wipe being effective, even if you have positive confirmation from the device that it was completed. From a security standpoint the only safe position is to assume the user has a backup, because they just might.

"Might have a backup somewhere" isn't a good disaster recovery plan, but from a security standpoint "might" is functionally identical to "Absolutely has multiple backup copies", so we may as well get the benefits of a local backup in a disaster recovery scenario.

if this is your personal data then every business account comes with a free 1Password Family account for every employee and the company has no control over them

... But as the family administrator, I do, so the exact same issues exists.