The problem with this approach is that, in a world that is becoming more and more focused on privacy, the enterprise still has full visibility of the personal part of the device, something that most users would have issues with.
If the requirement is to secure enterprise data whilst segmenting user data, then Work profile on a NON managed Android is a much better approach. It still allows you to wipe the enterprise data, which maintaining the personal data. Should the user wish to wipe the entire device, they can they use the various Google tools to do so.
Of course, this is a personal opinion, but it does allow you to avoid the pitfalls of managing personal data.