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The old Opera had been able to protect the Password Manager - like any normal browser should be able to do:

https://image.ibb.co/cd0XTv/Removed_best_options.png

Dunno, what happened. o.0

Edit: This can, easily, be added to the most ridiculous Opera features list - along with not being notified when closing a window with multiple tabs; right!?

Here's the screenshot, https://image.ibb.co/cxEnva/Settings.png

P.S.
Just browsing for this issue, found a broken link on the old system, the page @http://help.opera.com/Windows/12.00/en/password.html links to a master password & there's a typo in the link: "certficates", instead of "certificates".

See the video link, from the above page, is also gone (http://www.opera.com/browser/tutorials/video/passwordsync/)