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Can't you even see it even if you know the encryption password?
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If you look at https://iancoleman.io/bip39/, this is what you can recover, everything above, not:
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So, if I get this right, you can't figure out the seed phrase from the BIP32 root key, but you can move funds from that wallet. Is that correct?
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Correct.
BIP-39 is a convenience protocol. And it's been "discouraged for implementation" (because this) which is why it's not in Bitcoin Core.However, one cannot get rid of
BIP-39 even if it's as horrible as cryptographers think it is because after the PBKDF2_SHA512(mnemonic_seed) you cannot reverse it... so it's here to stay no matter what, in lieu of a better standard.reply
root = sha512(seed phrase). One-way unless you have a quantum computer that can compute sha512.