I have explained about the Wallet Password in this pull request.
I dealt with the open issue of "How wallet password works and does"
Explained how,
it is not the seed it does not protect against a 5$ wrench it might protect against a stranger walking up to an unlocked screen with a Bitcoin Core wallet running it doesn't encrypt metadata or pubkeys it results in loss of funds if the password is too complex and forgotten
Eager to hear from you.