No, the alternative being argued for (by OP primarily, but I understand his point) is to only have master keys on devices which can't be moved between them, and

No, the alternative being argued for (by OP primarily, but I understand his point) is to only have master keys on devices which can't be moved between them, and enroll seperate devices (and I think this really needs thought from a standardisation point of view). Resident keys are a mistake in that they can be moved between devices. If you allow that then you basically just have a password vault, just maybe with a slightly better lock on it. It's a heck of a lot better than the status quo but it's not the best option.