Yes work phone is strictly for work, has all sorts of security added (i.e. can’t be plugged into a PC or downloaded) and can be repossessed at any time.
I have three phones, one old iphone to use bank and other financial related apps, one for work and one for playing / app tinkering.
I’m probably one of the people who don’t let go of their older phone even if upgraded to a newer phone (can’t trade in because I buy used flagship and by the time I’m done with them, the phone would be over 5 years old).
I use a small backpack, at work I have the work phone in my pocket and leave the two other either in the packback or charged on my desk. After work hours I have the personal " playing phone" in my pocket and the two other in my backpack. The “bank phone” only has a 4g sim without any calling capability ( or no sim and I only tether to it when needed) and is only taken out when I want to pay for anything cashless.
That backpack also fit my tablet and wallet, so it is not redundant.