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And it adds nothing, since it still has fallbacks to the existing systems.

You should be able to remove less secure authentication mechanisms via accounts.google.com, after setting up a security key

You still need to keep atleast one backup method in case the security key is corrupted/broken/lost etc.

Print out a recovery code and keep it somewhere safe.

You can have two or more security keys associated with your account on Google.

Oh really? I thought that it forced you to go back to the app if you use a non-U2F browser.