Nah, this is not correct. The Gizmo watches work fine with the GizmoHub app, but not the new Verizon Family app. You have to authenticate in both apps.
I have Verizon service and use a Google Voice number as my MFA and it has worked fine for many years: in the GizmoHub app, in the Verizon website, and in the My Verizon app. The only place I can’t properly authenticate is the new Verizon Family app. They just screwed up that new app.