Is there a way to do that with an iPhone?.....................
You can take the thief’s picture but you can only brick the iPhone/iPad. There is no way to change what appears on the lock screen. The tracking is still there though. I agree that would be nice to be able to put a “This iPhone/iPad is stolen” screen on it. . . But it may just be lost.
The iPhones and iPads are completely useless to a thief. They can never be re-activated without the original owner’s AppleID and passcode. Unless the original owner has released them from that tether, they can’t be re-stored to operational status.