Yes, but unlike with 2FA and SaaS, there's always some recourse. Worst case, you may need to physically visit some bank or government branch, send some registered letters and/or notarize some statements, but there's always a way to recover from losing your ID, passport, or access to a bank account.

Until similar process exist in digital space (read: is legally and culturally forced on SaaS vendors), 2FA is frankly dangerous - it demands standards of diligence and long-term care that not even government affairs do. The back-up codes users are instructed to print out and store securely? No other document in most people's lives requires such long-term protection.