I am astonished and disappointed that Apple saw fit not to warn the user this could happen. Even Google gets this right; when you connect an Android device, you get a warning and are required to confirm before proceeding. It's inexcusable that Apple doesn't do the same - while I understand and agree with the reasoning behind the existence of the capability, the fact that it's silently enabled is appalling.
[1] Yes, I know it's hardly news, but (I flatter myself that) I'm generally reasonably savvy, and if I only just found out about it, then there's probably someone else reading this thread who could benefit from it being mentioned. So I mention it.
http://9to5mac.com/2016/03/02/ios-9-3-makes-it-abundantly-cl...
Is all this stuff only a concern when the device is enrolled via MDM? That seems improbable; the (several) sources I've found on the subject don't mention MDM in any context, but just warn that Exchange connection = remote wipe capability. Similarly, while I had my phone connected via Exchange, I visited the devices page in Outlook Web Access and saw that the "Wipe" option was enabled for the device.
As for ways to use the same device for work and personal, newer Android-versions (I believe from Lollipop onwards) have the option to create different user-profiles. I think that would work, although I've never actually used them myself...
It's 2016, device manufacturers should have gotten this right already instead of focusing on wallpaper.