You can never actually grab it or access it for backing up, so it shouldn’t be your only way of accessing a server, there should be another authorised key that you do have access to.
As others already noted, having more than one key is a good idea anyway. If you are really serious, use ssh certificates so you don’t have to update every server with new keys. Just sign them with the root CA.
Because they are generally not very configurable (their design goal is to be secure and so the less complexity the better) it’s fairly common for them to just not directly support any specific cryptographic protocol.
Given that, what you can choose to do instead is have the hsm generate a key for you, and then you use that key to wrap your specific secret - say an ssh key - then you decrypt it when you need it which requires user authentication through the hsm - use the raw key and then clear it from memory.
But if the only record of the external key is wrapped by the hsm, if the hsm loses that decryption key then you’ve lost access to the ssh (or whatever) key as well.
You can use any key you want as long as you get a CA that everything trusts to sign it.
SMP and hyperthreading are risky for security. Closed firmware is also concerning. Older systems without these architectural features are more difficult to abuse.
I would find one of these if I needed a secure SSH CA for myself, and use OpenBSD.
I probably couldn't get away with that in a larger organization.
On another device.
> We're just going around in circles
Depends on attack vector. Both solutions store private key in HSM and hence protect against "attacker gains access to local memory/storage". However, ssh certs allow key to be "regenerated". HSM'd keys are subject to "device got lost/destroyed" attack, HSM'd certs are subject to "CA got compromised". Pick your poison.
That key should be easier to protect than a private key on an end user computer, Secure Enclave or not.