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I hate this meme.

The point is to at least make them resort to hitting you with the $5 wrench, at which point they're probably committing a more serious offence than what you're up for (dependent on country).

Doesn't have to be a literal wrench right? A government can trivially and legally make you miss the itinerary that made your holiday possible that you've saved up for the rest of the year with no restitution that I'm aware of in any jurisdiction. They can confiscate 'evidence' (any computer and (backup) storage media in your house) for years. They can do a heck of a lot that's more annoying than medium amounts of wrench swinging

And as for street thugs, sure it won't be a wrench, more likely they'll flash a knife and unkindly suggest you remove the lock screen

Taken as a metaphor rather than a literal wrench, you don't think it's accurate?

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The point of the comic is pretty obviously to make fun of the expectations of cryptography geeks; you know, the sort of people who use 4096 bit RSA keys for the coolness factor. It is a stretch to imply it is suggesting that encryption is somehow futile.
The United States has famously shot and killed protesters in the Vietnam war era. They have dedicated torture facilities for people suspected, not even convicted, of terrorism. Police officers use lethal violence for no reason every month and rarely get more than a talking to.

In a perfect society, your point makes sense, but I don't see why the authorities in the real world would need to care about committing a worse crime.

You end up getting hit by a wrench though, that doesn't sound like it ends well for you.
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