That meant that if you wanted to travel you had to have the printed key with you, or at such reboots at least phone somebody to who you have given that key. Which isn't a problem in an organization, were that somebody are the admins, who were those who made the keys before they gave you the notebook.
I don't know how it works currently, if MS invented something more convenient recently.
But you still have to type it in.
I do this regularly as a recent W10 upgrade broke the SoftTPM in my Ryzen CPU (no longer recognised at boot), so I type it in everytime I boot windows (so once or three times a month).
It's very resilient since it has a built-in Error Detection Code for each 6 digit pair entered, if you make a typo, it likely will immediately complain and prevents entering any more of the code.
For the few times in the month where I need Windows, it's not worth the effort.
From my previous experience, Windows will happily insert the decryption key into the TPM once you enter the recovery code.