Keychain Access lets you view your local keychain (i.e. your device's secure trust store). If you have iCloud keychain turned on then certain parts of your keychain will be synced across devices so you'll be able to find, say, a web password you generated on your phone on in your Mac's keychain (via Keychain Access and otherwise). The terminology is a bit confusing, that much is true.

If you can live within the constraints of iCloud keychain (the Safari/Apple devices thing, don't need stuff like 'team sharing, etc) it's arguably a better solution than 1Password.