The biggest threat the vast majority of people face is getting one of their accounts taken over because they re-use credentials and some site, somewhere, got their account db compromised and now those credentials are on a list. Any account that has 2FA, even ones that use "weak" 2FA like SMS, will be immune to being broken into. These drive-by people won't be breaking into your 1pass account to recover your 2FA secret either--that is too much work. They'll just move on all the accounts that don't have 2FA enabled.
(huge asterisk: what I said is only true for drive-by attacks where some bot is burning through a list of a million accounts to try. If somebody is specifically trying to attack you and your accounts... you've got bigger problems to worry about than simply having SMS-enabled 2FA or saving your 2FA keys in a password manager.)
1Password supports 2FA to login to the vault itself and most recently Webauthn security keys on browser, which I immediately switched to. On mobile it’s still TOTP, but better than nothing. I’ve got 2 physical keys and Google Authenticator as only 2FA methods.
Once U2F is supported on mobile, I’ll drop TOTP altogether for my 1Pass login. Probably buy another Titan key and throw into the bank box.
It would be royally annoying, but salveagable.
Point is, TOTP isn't useless.