I just performed an Update and Upgrade about 30 mins ago.
I rebooted the phone with a successful pass phrase, and lock screen password passed sucessfully.
After passing the lock screen another password entry is required before accessing the desktop. I used my lock screen password with no issue and had access to the phone.
… and note that any given application may or may not store its credentials in a keyring called “login”. On my phone, Geary stores email credentials in a different keyring, so even if “login” were to get unlocked, it wouldn’t help Geary - unless the other keyring credentials themselves are stored in “login” (in which case unlocking “login” can serve to unlock other keyrings as well).
I personally prefer not to have this “avalanche” of unlocked credentials based on logging in but some people may prefer to prioritise convenience over security.