I'm sure this belongs in the Armory section, But I'm still a newbie...

I have enough BTC that I need to use Armory on an offline PC, so I set it all up and it works great. I assigned a good, strong password. Now, is my paper backup vulnerable to theft by a physical burglar, or is it useless without the password? Similarly, what if a physical burglar stole my offline PC?

Thanks in advance!