It's more like you have a deadbolt and a regular lock. Sure, you can open the regular lock with just a credit card, but that doesn't help you with the deadbolt...
No, because in your scenario, you have to get through the deadbolt AND the regular lock. In the Vanguard scenario, you have to get through the deadbolt OR the regular lock.
That's not what the OP said originally. It's a bit disappointing that people are dispensing security advice without understanding the difference between password reset mechanisms and 2FA mechanisms. :-(
It's more like you have a deadbolt and a regular lock. Sure, you can open the regular lock with just a credit card, but that doesn't help you with the deadbolt...