iOS auto-erase after 10 wrong passcode attempts: will the iCloud activation lock still work?
Activation lock happens regardless of the content on the device.

You are protected since any wiped phone needs to check in with Apple's activation servers to determine if the device was purchased through DEP or is covered by an existing activation lock.

You don't have to worry about enabling a wipe conflicting with the inability of someone to activate the device down the road - they were designed and implemented to not conflict. Activation Lock works whether you wipe or not and without regard to how the wipe actually gets triggered.