One important note, though, is that the backup and multidevice requires their cloud servers* so the threat model is a little different. They've got a blog on how they do the cloud backup**, but since you need a password it either needs to be something you can remember or be stored in a password vault that doesn't rely on getting a 2fa code from authy for access.

* for the paranoid, there's a mode where it doesn't backup to the cloud, which makes it function the same as google auth, but that does defeat a lot of authy's benefits.

** https://authy.com/blog/how-the-authy-two-factor-backups-work...