That won't stop them wiping, surely? Just render it useless to them if they do.
By it's nature if you can get into recovery you can wipe it. The reason there is no password or pin for twrp is explained here: https://twrp.me/faq/securetwrp.html.
A half-way competent thief (i.e. one that knew about recovery mode and recognised twrp) would know that they could erase the device using fastboot even without recovery, so there really is no way of stopping that.
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