When your phone is lost or stolen, you buy a new phone and go to your telco provider to get a new SIM with your number. SMS 2FA continues to work. Your Authenticator secrets are gone with the phone, and you're locked out.

(Unless you use a solution like Authy with multiple devices, which strikes me as the most sensible solution.)

It blows my mind that Google Authenticator still doesn't have a multi-device sync feature (or even a "recover from backup" feature on iOS for that app, because I think they added it recently to Android; just "recover from backup" alone would have been sufficient to convince me not to switch).

All of that made me switch to Microsoft Authenticator, as they do have both multi-device sync and "recover from backup" feature as well, so now I don't need to be stressed about my phone getting lost. Kind of sad, given that I've been a user of Google Authenticator for quite many years until that point.