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Google Authenticator is backed up on iOS if you use an encrypted local backup via iTunes (or macOS Catalina) or iMazing.

Mmm, does that mean that now your iCloud password unlocks all your 2FAs?

It isn't that bad, it still a 2nd factor, but it's worth considering it.

When you make an encrypted backup, you enter a separate passcode. So it’s not your iCloud password.