So if you lose it the credentials are now essentially worthless (anybody who found it or stole it presumably doesn't have your PIN / fingerprints / face) and you should revoke them from sites where they were trusted.
Nothing prevents you from enrolling multiple FIDO2 resident key devices for a site, the site would store all the relevant credentials and you could use any of them to log in. I expect Apple's implementation notes for that demo last week tell implementers to allow multiple enrolment because some of Apple's best customers own an iPhone and an iPad and a MacBook Pro and expect to use all three.
But sure, you can use the second-factor-only FIDO behaviour on a FIDO2 key just fine, it's just that FIDO2 resident keys can offer a nicer user journey while still being secure.