But the point it protects against is if a website a password belongs to is compromised. If your password manager is compromised, then yes, it is game over. But

But the point it protects against is if a website a password belongs to is compromised. If your password manager is compromised, then yes, it is game over. But by that logic, if your password manager and your otp manager is compromised (which often live on the same phone) you haven't mitigated much.