>They are in my password manager just like another password. So what's the point of having them because effectively, the passwords in the password manager and the passkey in the password manager offer the same UX to me?

same ux, different security properties.

>Except that at least I can memorize a password by heart just in case.

"just in case" should be a thought out recovery flow, rather than hoping that you remember the password of the account you need to access.