I'd be open to hearing the right context, since I read it the same way. "Replaces PWs 1:1" is only true in the context of... the attacker only uses stolen pass

I'd be open to hearing the right context, since I read it the same way. "Replaces PWs 1:1" is only true in the context of... the attacker only uses stolen passwords and doesn't rely on password dumps? Even in a targeted attack scenario, where the attacker would have to specifically target you to steal creds, this is better, as they'd now have to physically find you and take the key.