If you don't enter a password, then it isn't two factor auth at all. It just swapping one-factor (something you know) for another (something you have).
I know that it's not, I just said that I like it better than the two-factor auth that I use elsewhere. If I need to pull out my phone; its just easier to click my notification and click "approve", than to go to Authy to get the 6 digit code, and type it in to my computer.
Sorry, I misunderstood your statement. I thought you were comparing it to 2FA elsewhere. Now I see that you were just comparing it to the second factor elsewhere (not the whole 2FA0).