I mean if you don't gave cloud sync, then if you lose your phone, you have lost those passkeys.
This is why I keep a spare.
You can pay a locksmith to pick (and rekey) the door lock. You can even break down the door and replace it later. None of that is an option with passkeys.
Ah, the magic of having two of them! Truly a revolutionary experience.
I just used my physical tokens or my laptop or desktop to authenticate my new phone.