You can time-lock a transaction so that the counterparty has to wait to spend it, but you can spend it right away.
There are ways to simulate a "vault" using pre-signed transactions and ephemeral key-pairs, so that an attacker is forced to wait for a duration before sweeping funds.
It is a cumbersome setup, though. A better solution would be a native opcode for the process of storing funds, which is what the OP_VAULT proposal aims to be.
Thank you very much for the info. This is a rabbit hole worth going down.
I've seen controversy about censorship with covenants and similar proposals, but I don't know enough to be super opinionated.
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