Providing either of them are on the bike then it makes it difficult (But not impossible) for the bike to get stolen. At home the bikes are kept in an alarmed shed. One alarm for door entry and the other is a sensor alarm. Have many bikes and I use a kryptonite lock and hawser through the frames of the bikes locking all 9 of them together.
Bit difficult to remove all 9 bikes at once and the lock and hawser would take some time to cut. They may get the wheels etc. but I doubt that they could stay in the shed with 130 dbs in their ears for long.
I am not paranoid about having my bikes stolen but I don't give thieves much opportunity.