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I think it's useful to consider passkey (private key) protected differently. 

  • Passkeys stored on FIDO2 key are protected by HARDWARE.  Possibly breachable by side-channel attack, but mostly considered very safe from extraction.  This is the gold standard.
  • Passkeys stored associated with Windows Hello + TPM are protected by HARDWARE in combination with a privileged, highly protected OS component. They are likelier to be breached than the above, but it may require an unfixed OS vulnerability and/or AV/EDR ineffectiveness.
  • Passkeys stored in a user-space password manager.  Weakest of all three, but is still a process designed for secret protection.


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