Yes. The app uses a SQLCipher database encrypted with the app password set by the user.
When you use biometric unlock, the database password is encrypted using a key stored in the Android KeyStore only released by the system once biometrics are validated.
First of all thanks for supporting wear OS sync, this was a very strong reason to migrate over to Authenticator Pro.
I was previously using Aegis which encrypts the data while at rest, can you validate that Authenticator Pro does the same?