It depends how the MDM is implemented. If it allows locking and wiping the entire device, no. If it makes a sandbox for the work stuff, and it only grant them access to control, lock and wipe that sandbox then I don't mind.
That's what we do for personal devices, corporate devices are fully managed/supervised.
Yeah my work MDM is setup this way with Android Enterprise. Everything work-related is isolated to that area and there is no other access to the full device. I can even have all those apps shut off after-hours or when on vacation so I don't get notifications during personal time. My boss knows to text/call me if there is something urgent that comes up.
Typically, the app needs to ask for permissions like that, though. On Android, they need to ask to become a "Device admin", and they need to specify what specifically they'll use that access for. I imagine (though I'm unsure since it's never happened to me) they need to ask to update those permissions if they want their uses to change.