Android work and personal profile on a company owned device

[blueskies]

Hello!

My apologies ahead of time if this post isn't in the correct spot. Let me start by saying that I love Android, and I'm so thankful for the community here.

Situation: I work at an employer who says that they are totally okay with me using a company-owned device as my personal phone, as well. 

They have set up a personal and work profile on the company-owned device. 

My question... I saw this webpage here... https://support.google.com/work/android/answer/7502354?sjid=14497149945405543837-NC#zippy=%2Cmy-orga...

Based on this article, am I understanding this correctly? ...That somehow - even on a company-owned device - the personal profile apps are not monitored?

Just seems too good to be true given that it's a company-owned device. 

Thank you for any clarity you can provide here. I'm not super worried, but I just don't know that I feel comfortable with my employer having full access to my password manager, my whole album of family photos, my texts, etc. 

Thank you again for your time.