Your backup key should also be in a secure enclave, just in a different secure enclave. Both keys should be accepted by the system.

The truly paranoid can multiple types of secure enclaves - TouchID for primary, a YubiKey for backup.

> If need be on paper

Your security is only as strong as its weakest link. Paper has a way of getting photographed, and the privacy of your key depends on your OCR software, unless you really want to painstakingly copy it in by hand, and even then, it turns into a file-based key on the filesystem, with all its attendant risks.

No, paper for cold storage has the advantage of requiring physical access. Not some virus or hacker breaking into your computer from hundreds of miles away. If you are living in the US, gun ownership provides additional security over this piece of paper at home.