I'm not sure how different devices implement it, but the security chip can simply count the time it was powered on, it doesn't have to rely on wall clock time.
(Relying on wall clock time caused a bug in an early iOS version of this feature, where it would show a really long delay when the clock was reset, and there was no way to set the clock correctly)
So now you just need to fake a cell tower and a GPS constellation so that the phone gets a new time on power cycle. Which would be about 60s minimum, to boot and acquire.
And that’s with a power cycle, so 14,000 a day? I’ll not going to assume the button will last more than 100,000 presses, so I don’t see many combinations being tried.
One can't implement brute force protections without such a UI...
"You need to wait 5 minutes" isn't sufficient for a 4 digit pin...