If you don't run any services (like apache2) then it's not much of an issue.
If you run such services in a Virtualbox or Docker or similar situation, then you are protected (assuming you don't give those boxes access to your own computer without a strong password).
If you directly run one or more services on your main box, then you are at risk. That is, in most cases you are fine, but if the service has a door that would let a hacker penetrate your system, then a strong password may help you against that hacker by not letting them gain root access.
Of course, in many cases, a service hack directly gives root access to the hacker. In that case, whatever the password won't mater one bit. But if they gain access to PHP through your website blog (for example), they may not have much to go by to really hack your whole system. With PHP, they can already access your PHP files, read your database password (if you have it in clear, which is the case in many PHP front ends--I won't cite which ones but yeah...) and then access all the data in that database. That would include your users email address and encrypted passwords. This is an issue even in a Virtualbox or Docker situation, but at least the main computer is 99.999% safe.