Possibly, but that still defaults back to brute forcing a long passphrase with a salt. If guessing the passphrase goes above a certain entropy and Apple derives the password with a key stretching algorithm, then the timeouts won't matter.
So you would need to break open the co-processor without destroying its contents and read the secure enclave key before any brute forcing could happen directly on the encrypted data.
And no you can't just try to brute force it by sending decryption requests to the secure enclave. The secure enclave itself implements a exponentially increasing lockout time and won't respond to decryption requests during it. [0]
[0] https://www.apple.com/in/business-docs/iOS_Security_Guide.pd...