If you still have access to your device and your Coinomi wallets, please go to "Settings / Show recovery phrase" and enter your password to make a proper backup as soon as possible.
If you lost not only your Recovery Passphrase but also your password, you cannot restore your Coinomi wallets. The short answer is yes, your funds are lost. Your only option is to try as many passwords as you can until you find the correct one. Tip: the only requirement is a minimum of 10 characters. Coinomi doesn't force you to add numbers, special characters, etc.
If you lost not only your Recovery Passphrase but also your phone is broken/lost/stolen/inaccessible, you cannot restore your Coinomi wallets. The short answer is yes, your funds are lost. If you don't have access to the device, or if the device no longer has your wallets installed, having only the password is not enough.
We are not a centralized service, this is what makes Coinomi safe. We have no access to your passphrases, passwords, keys or funds, they are always only in your device and are your responsibility.
Note: do NOT save your Recovery Passphrase as a memo/file/screenshot in the same device as Coinomi, since losing/breaking this device will make you lose the backup as well. Read tips on how to properly store your backup here.