New User - Do not understand Security for Logon Macros versus PW encoding

Pass words are encoded, which makes the PW unkown. All the logon macros using those PWs are available to any user who has access to the browser. That exposes any user the ability to access all accounts on that machine. I have tried multiple users using the same browser and they can access all accounts.
Is physical access to the machine required to prevent others from logging into accounts with ui logon macros?