The data is encrypted, but as long as the encryption keys are in memory, they could be retrieved via either an attack against peripheral ports that can read memory (thunderbolt has proven vulnerable and USB too, iirc) or via a cold boot attack, possibly using freeze sprays. Such attacks against FDE have been demonstrated. A good password manager purges the keys after a bit or on lock. pass ties into the gpg ecosystem and thus allows having the keys on a smartcard, a capability I’d like to see in other PW-managers.

MacOS has the option to purge decryption keys from memory on lock, but that effectively puts the computer to sleep on lock. It’s more secure, but annoying as hell since all network connections die (VPN, ssh, ...)