I feel it would be easy for Apple to argue that is does have a physical effect - it makes it easier to access a locked phone than having to enter a pin, or one of the many other methods of unlocking electronic devices.
It is not saving battery, it is not producing less waste.. so no, it has no physical effect. As an algorithm it cannot be patented in the EU, and code-wise in EU it's the only thing you can try to patent.
It's making life easier for the user... this is one of the primary things that patents are here for, inventions which make life easier. And it's certainly not what would be considered "an algorithm" by any patent office - it has user interaction, in involves hardware, it is clearly not just a mere algorithm.
