Does it also mean that if any one of those devices gets lost/stolen and hacked, whoever has it has access to all of your data?
If by "hacked" you mean that someone figures out your passcode or gets around security, or you have it unlocked to begin with, then yes. Same as if your data is resident on the device. Anything that lets you get to your data could potentially let someone else get to your data.
If your device is lost or stolen, you can lock it down and wipe it remotely.