You also should be able to back up passkeys onto a flash drive and encrypt them with a strong password. I don't think there's a good tooling for this right now, though. On macOS you'll need to go to Keychain Access and manually export the keys.
(I store everything important in an encrypted container, with the 128-bit recovery code printed on paper and stored in a safe deposit box)
Recovery is handled differently depending on who you are using to sync your passkeys. Apple has a great recovery story. iCloud Keychain supports both a "recovery key" and "recovery contacts".
See the section titled "Recovery security" in the "About the security of passkeys" doc: https://support.apple.com/en-us/HT213305
Additional relevant docs:
Recovery contact: https://support.apple.com/en-us/HT212513
Recovery key: https://support.apple.com/en-us/HT208072
The latter two links are good, but both only refer to recovering access to an iCloud account, they don't talk about further access to escrowed iCloud keychains.
In essence it's possible - some app that exports the passkeys in some standard format as a QR code [per passkey], ready to be re-imported, but such import/export mechanisms haven't been made yet.
Features like this seem like table-stakes to me:
https://www.lastpass.com/features/emergency-access