@Muhammad Zeeshan, Thanks for posting in Q&A. To allow team manager to access the Local Password of their teams' devices. You can create scope tags for different teams. Assign the specific scope tag of their team to the devices in their team.
https://learn.microsoft.com/en-us/mem/intune/fundamentals/role-based-access-control
Assign microsoft.directory/deviceLocalCredentials/password/read permission to the team manager.
Then create a custom role with permission Managed devices: Read. and Organization: Read permission and assign it to the team manager with the specific scope tag to let each team manager can see the local password on the devices in their team that have the same scope tags.
Hope the above information can help.
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