Furthermore, companies like Google have worked hard to blur the lines between their employees' personal and professional lives. I'm not particularly sympathetic to them suddenly drawing hard boundaries when it benefits them.
(2) https://support.google.com/work/android/answer/6191949?hl=en
If it was added with option (1), the GSuite owner can wipe your entire phone. With (2), I believe only the work profile can be wiped.
If it was an iPhone, I'm not sure the controls for managed devices (I don't think it has a work profile type isolation).
Also I think that there are Android models that don't support a separate work profile.
Get a second company phone like anyone with a sliver of opsec intelligence does.
Many years ago ago, at my first tech job, the employer provided a smart phone as part of work/on call responsibilities. (This was still around the era when smart phones were just blossoming as useful devices). Every other employee there decided to use their company phone as both their personal and professional device, while I opted out for what are very obvious reasons. I had my phone and I had the company phone; the latter was only on my person when professionally necessary.
It was common sense then, and it's common sense now. You always keep professional and personal assets separate.
(Fun fact worth noting: not too long ago the company decided to either boot personal usage of company devices, or stop providing those phones altogether. Can't say that I didn't warn them.)