The private key is stored in the device’s Secure Enclave. It’s the face and fingerprint recognition which authenticates to the Secure Enclave in order to retrieve the private key.
When purchasing an android phone, you do need to sync the private key to the new device. Hence Passkey, which uses iCloud as its secure and authenticated syncing scheme.
If you lose your only iPhone, you lose the keys. Using your face is different device does not get you access to your old keys.
But they're in your iCloud Keychain. You should just log in to iCloud and have them again.
How you do that after you use Apple Passkey and lose your phone? (and SIM)
https://support.apple.com/guide/security/secure-icloud-keych...
Can you explain how a person can login into their iCloud and recover their iCloud Keychain after they have lost their only Apple device (iPhone) if Apple Passkey needed to access iCloud?
https://support.apple.com/en-us/HT213305
>To recover a keychain, a user must authenticate with their iCloud account and password and respond to an SMS sent to their registered phone number.
In other words. If you lose your iPhone (containing your SIM) you can't get access to iCloud or iCloud keychain until you have a new SIM with the same phone number from your carrier.
If you travel in a foreign country and lose your iPhone you are locked out of "everything Apple".
You can choose which preregistered number to send a message to (or to be called with a recorded voice) in the event you need access to your account in an emergency.
This also implies you have no other Apple devices which are signed into your account, as they will receive a code by default.
SMS or voice fallback is "plan B".
None of the methods you mention are something that should be expected from normal users. Or they don't work when traveling. I travel a lot.
"There is a way you could set it up" does not mean Apple has a good solution. As I'm a person without family and only one iPhone I stay away. People who don't pay attention are fucked.
Only if you have no access to any device do you need to fall back to account recovery via SMS or phone call, to any pre-registered number.