I think you should be more cautious about relying on the services of a company like Google that can arbitrarily decide to remove your account data or access. Similar, though the person was fortunate enough to regain access: https://hey.paris/posts/appleid/
You can mitigate hardware failure and data loss, especially for a simple key, but you may not be able to prevent Google from deciding your account is gone one day.
For example, if you set up a password and a key, you can use your key, and if it gets lost or compromised, you can still log in with the password, remove the old key, and generate a new one.
You can do the same in reverse: just use the password and keep the key in a safe place (like a password manager or a physical USB), and if you lose your password, you can still get access with the key.
Thanks again!