Passkeys: A hardware wallet integrated into your phone?

Passkeys on phones are not a substitute for a hardware wallet, according to the article, which concludes that Apple's current implementation is closer to a password manager. The author says that on Apple devices the passkey keys are stored outside the secure enclave in system memory and decrypted there, and that Apple only issues passkeys that sync via iCloud Keychain. Nicolas Bacca, former CTO of Ledger, reportedly extracted keys from the operating system after jailbreaking an iPhone, which the article says he presented at Devcon 7. The author recommends treating ordinary passkeys as hot wallets and suggests YubiKeys as a closer alternative, though they cannot be backed up and are only useful in a multisig setup.