The main benefit behind TOTP is that you can tie its value creation to a second factor, such as something you own like a device (instead of something you know l

The main benefit behind TOTP is that you can tie its value creation to a second factor, such as something you own like a device (instead of something you know like a password). It’s arguable that you’re removing that second factor when you store the parameters needed to create the TOTP in the same place as you store your passwords.