I am wondering how enabling supervised mode on an iOS device affects the user's privacy, especially with respect gaining access to data on the device without the user's consent.

As I understand, supervised mode provides a feature called 'activation bypass', which allows one to reset the device without the user's password. Does it also make it possible to unlock the device or gain access to some data without the user's password, as opposed to an unsupervised device? In other words, does supervised mode compromise the security of the device or the user's privacy in any way?