But it is a whole lot of extra work to set up and maintain long-term, even with the best intentions.
But it is a whole lot of extra work to set up and maintain long-term, even with the best intentions.
For personal use it probably is a good compromise for services which don't implement 2FA properly (that is to say, services that don't allow you to register multiple 2FA devices.) But realistically you might want to just disable 2FA and rely on your password manager.
I'm not sure what you meant by this, Authy certainly provides TOTP, and the encryption password is only used when you need to sync the 2FA secret to other devices, which by the way also requires confirmation using SMS to your phone number as well.
It does seem like this is somewhat more secure, in some sense, but it weakens the security that TOTP is intended to provide.
In any case I don't see how the Authy password can weaken TOTP. It's not like there's a webpage out there where you can enter the Authy password and it will give you back the TOTP secret for a specific user. It's only used to decrypt the TOTP secret if you choose to sync that secret to another new device, which again requires SMS verification, PLUS confirmation from an existing device, PLUS you need to have the sync capability setting enabled (so you can always sync the TOTP to your backup device first then disable the sync setting to prevent additional devices being synced).
I'm annoyed Google Authenticator makes it so easy to transfer accounts to a new phone, how will you know if someone's cloned your TOTP private key while you were sleeping?