I'm still convinced this is an excuse to bring Touch ID to a Mac, and to allow for more secure login. I don't think the Touch Bar is useful for people who are already adept at not looking at their keyboard. But who knows...
That means that the question is really whether Touch ID is more secure than the passwords which people will actually use in practice. As criddell noted, how you answer that is going to come down to threat models and resources. Biometrics really put you into some pretty different trade-offs: e.g. a camera can record you typing in your password but not your fingerprint, but someone can force you to touch the sensor or maybe pull it off of a glass, a password can be faked safely while someone watches you but that fake fingerprint is much riskier, etc.