Actually, the strength of your password doesn't matter at all. Your credentials are used to encrypt/decrypt the cryptographic material that encrypts/decrypts your device. When you do a factory reset, this cryptographic material is erased, so even if someone guesses your password they shouldn't ever be able to decrypt the contents of your device.
This also means that when you change your password, only this small cryptographic material needs to be re-encrypted with your new password, rather than your device having to go through your entire data and re-encrypt it. And it also means that factory resets properly get rid of your data even if you didn't use a screen lock at all (i.e. swipe unlock).