A (well handled) physical password booklet is much more secure for the average home user, who is unlikely to ever be individually targetted by a third party attacker, let alone to the level of the attacker physically breaking into their home. My parents being victims of a zero-day vulnerability or installing a malicious application by mistake are much more realistic scenarios than their house being broken into and their password booklet being stolen by a thief who is meticulous and observant enough to take it and know how to make use of it.

Not only that, I would argue that a physical booklet is not only more secure but also safer. Nothing short of a house fire will destroy the booklet, and however much I like to rave about old-school ThinkPad durability, I don't think my locally stored encrypted database would survive that either.