I know it does not. It's in the Cloud. I was referring to SIM and phone number when I was thinking potential way to recover.
Can you explain how a person can login into their iCloud and recover their iCloud Keychain after they have lost their only Apple device (iPhone) if Apple Passkey needed to access iCloud?
>To recover a keychain, a user must authenticate with their iCloud account and password and respond to an SMS sent to their registered phone number.
In other words. If you lose your iPhone (containing your SIM) you can't get access to iCloud or iCloud keychain until you have a new SIM with the same phone number from your carrier.
If you travel in a foreign country and lose your iPhone you are locked out of "everything Apple".
But they're in your iCloud Keychain. You should just log in to iCloud and have them again.