I think the difference is a bit more subtle. When not using a password manager, you rely on an array of sites and services with varying levels of security to a

I think the difference is a bit more subtle. When not using a password manager, you rely on an array of sites and services with varying levels of security to authenticate, transmit, and store passwords. With a password manager you store the database, your master password isn't transmitted anywhere, and you're storing everything locally. You could even choose to air gap your password manager if you wanted. You're still vulnerable some attacks like keyloggers but I think your description downplays many of the benefits (mitm or a poorly secured remote database wouldn't expose your master password). There are other great features password managers are starting to add; letting you know how long ago you changed your password, informing you if you haven't changed a password after a site had been compromised, changing your password for you (each site is different and updating passwords is very time consuming).