It's the same failure mode if you s/phone/token/. Except when it's a token lost/stolen we call it good security like we deserve a pat on the back that they're now fucked out of their accounts.
Yeah, I have backup codes "somewhere secure". That's two states away. What's the latest out of the security community? Do they recommend I carry an extra copy of the codes on my person? Store it the rental lodging/car? Tolerate a week of lost access to my most crucial accounts?
No it is not the same failure mode. One is unencrypted, unauthenticated, can be intercepted, spoofed, stolen, or shut off at whim. The other is a piece of paper.
Use a U2F or WebAuthn hardware key + backup codes printed somewhere on actual paper.