What's the difference to losing your backpack containing all these separate items? And conversely, it's very possible to carry a recovery Yubikey, a single-use login code etc. in a separate bag.

Getting a new (e)SIM abroad can be very annoying, depending on the mobile network, which is why I try to avoid mandatory SMS authentication as much as possible.

Yeah losing is maybe a bad example. What about a software update bricking the device, or a hardware problem?