I generally agree, but it also depends on who you are. Although I don't have direct experience with this yet, I can imagine it's better for people who are not tech savvy or are prone to devices getting broken or lost.
As a programmer, I've yet to have needed a password manager. My passwords are random word combos that are somewhat memorable and I have 2FA setup for most things. If I forget a password, I rely on the "forgot my password" flow, and just accept that as the occasional tradeoff for not having a password live anywhere specifically. For some sites that don't have 2FA, I rely solely on logging in via the "forgot my password" flow.
Far as I can tell, I haven't been pwned.