That works on someone holding gold. The gold owner is no longer needed once the gold is located.
With BTC however, the wrench is counterproductive. If the BTC owner dies, the robber will have lost his initial $5 investment, and no BTC to speak of. So his best bet is to level with me.
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But if the robber is threatening to kill you with the $5 wrench and you can either give up your life or give up your coins, it seems quite likely you would give up your coins. And even if they did kill you, a lot of people don't know how to store seeds safely so they may still get it. I think the real fundamental problem is that people can know how much money you have. I heard an example of you are traveling in a not so stable country, buy a candy bar at a gas station, and when you leave some of the clerk's friends are waiting for you.
Bitcoin won't make you immortal. But it makes killing you counter productive for the robber, for the first time. Without you, the robber gets nothing.
People get mugged, so no one should buy from a gas station using their primary wallet. It's like going to the same store with a bar of gold or a bag full of cash.
No escaping real life problems so people still have to be careful.