Unfortunately it does not have magic link fallback when passkeys are not available.
With that being said, we (or someone else) may reintroduce magic links as another login alternative of Hanko though, because we also think that it is a better UX to click a link than to type a code.
In any case, our take is that the importance of the fallback auth method will diminish over time due to the omnipresence of passkey support.
Wordlists are a good solution too, as you say.
Assuming you're using universal app links, if they open it on a device with the app installed, it'll go straight there. If not, it'll show the QR code and the user can just scan that with their default camera app on the device they're trying to use.