OK, so a surreptitious keylogger still defeats this config. I'm OK with that. My entire life presumes trust from my keyboard to my computer.

I mean, if that were my main concerns, I'd have to rethink most of the bedrock security precautions I take, like passphrases for private SSH keys, etc.

At the end of the day: I understand the risks and view them as absolutely acceptable in order to gain reasonable portability in a password manager.