Properly installed the security system is still intact.
It only bypasses the transponder system when the car is remotely started.
This means if you tried to jam a screw driver in the ignition switch and got it to turn the car would not start.
If you hot wired the car it would not start and the steering wheel lock would still be engaged.
If you tryed to use a 5 dollar key the car would still not start.
Now this stuff only works if the bypass is installed properly which includes-
-valet key has had teeth ground down or removed -key is securely placed in bypass module and hidden in car to make it difficult to get to
At this point, if someone wanted to steal your car, they would have to tear half the dash apart to find a modified key, screwed into a little black box, break that apart, then somehow break the ignition switch, so they can turn it and defeat the steering lock, while holding the key head within a 1/4" of the switch they just tore up.
While not impossible, my guess is if someone wanted your car that bad they would just flat bed it away.
Tom