This I agree with, and why I also chose Aegis. It may be a bit paranoid, but personally, I don't trust any TOTP key backup to be on any online service, no matter how it's encrypted or who controls it. This stuff is already for the worst-case scenario of somebody taking over your accounts with far more access than they should. No reason to take chances.

I am also willing to accept, and hope it's actually true, that if I lose or break a critical device while far from home, I won't be able to access any accounts until I get back home and can grab another device I trust.