A Keychain item uses kSecAttrAccessibleAlways (or …AlwaysThisDeviceOnly), so it is readable even when the device is locked — including from a backup or a lost/stolen locked device.
A Keychain item is stored with kSecAttrAccessibleAlways, so it stays readable even while the device is locked. An attacker with a lost or stolen locked device, or an unencrypted backup, extracts the secret without ever unlocking the phone.
Tokens and credentials meant to be protected by the lock screen are recoverable from a locked or backed-up device.