Yes. How on earth is Monzo going to be able to force another company (your email provider) to do this. If you think that email is the weak point in your chain then tighten up your security there.
If the hacker were to get into your email account then they couldn’t do much with your Monzo account anyway. Mobile payments and inter-bank transfers all require your Touch ID/ PIN, and they don’t have your card. Furthermore, if by some chance they took your wallet as well Monzo would refund the amount they fleeced you of.
Anyway as others have mentioned, this discussion is going round in circles. Here is the topic where all of this has been discussed previously: Magic login links, insecure?