How well protected are my wheels using wheel locks? Wheel locks are a good deterrent for would-be thieves. They are not impossible to remove without the key, but very difficult.
Given enough time and privacy wheel locks can be defeated. Brute force with chisels, oversize sockets, cutting torch, and master keys can eventually overcome locks. But if your neighbor or parking lot partner has similar wheels with no locks then chances are good a thief will not spend the time to go after your protected wheels.
When taking scuba diving classes many years ago the question of if you should have a dive knife when you are in an area with sharks was asked. The instructors answer was yes. He went on to explain, if you were to be chased by a shark you could use it to stab your dive partner to allow you to get away. Thieves and threats will go for the easy prey. If you make your wheels harder to steal they will usually go elsewhere for an easier target.