As @Michael Kernahan said, this is an interesting thought experiment. I had never thought about it before but just to be sure that my hunch that the field wouldn't autocorrect held true, I created a small Xcode project to test the concept.
After creating the (admittedly crude) interface in IB, I used the default omw
autocorrect to test the field as a control. Without specifically enabling autocorrect on the field, the autocorrection occurred.

I set the field to be secure by calling
[secureTextField setSecureTextEntry:YES];
and running the test again. The test failed and the field did not autocorrect.

Finally, as you describe in your question, I set the secure text field's autoCorrectionType
to UITextAutocorrectionTypeYes
and the test failed yet again.

To answer your question more briefly, based on these tests setting UITextField
to take secure input disables the autocorrective attributes of the field, regardless of whether they are explicitly enabled or not (as expected and as it should be).