It's also unexpected when you send your laptop in for a screen replacement, the tech does an unnecessary logic board swap while he's at it, and your local keychain doesn't work anymore. And then Apple Support will say, hey, we told you you needed to backup your data! Which you did, but that's not the issue.
Use iCloud Keychain or don't use Keychain at all.
Or create a separate keychain db and use that. The encryption is only done for the login keychain.