Wipe succeeds. Re-pairing requires the parent code.
Parent-side pair persistence means the device-to-parent binding lives encrypted on the parent's side of Anchor, not exclusively on the device. The factory reset still erases the child device. That part Anchor cannot prevent and does not claim to prevent. What Anchor's pair persistence prevents is silent reconnection. After the wipe, the freshly initialized device cannot pair back to Anchor without the parent entering a six-digit code from the parent app.
The result is the kid ends up with a device that no longer has Anchor installed, but also cannot re-pair. The parent sees a device-unbound tamper event in the activity feed within minutes of the wipe. The conversation that follows is unavoidable: the parent knows a wipe occurred, the kid cannot present the device as still managed, and re-pairing requires the parent to type a code that only the parent app shows.
Verdict: Partial Anchor closes the silent-bypass path. The wipe itself happens.