What I think would make this approach hard is that you would have to ponder if a newly created account is important at creation time in order to know if you should update the off-site, physical copy of your most important passwords (I say this because if you want to backup everything and avoid the cloud entirely it is just not viable, having to update this physical backup for each new account. I am currently at over 400 logins in my pw manager, 2 years ago it was half as much).
I think having your passwords encrypted with a high enough entropy master password and a quantum-resistant encryption algorithm, and having an off-site, physical backup of your cloud account credentials is enough for anyone not publicly exposed, like a politician or someone extremely wealthy, even though I would be skeptical these people go through such lengths to protect their online accounts.
So yes, I feel comfortable with my strategy of having backups on bluray disks + S3. If AWS goes down or decides to jack up their prices to something unacceptable, I will take the physical copies and move then to the dozen others S3-compatible alternatives. I am not dependent on AWS.
But I am not interested in using Google Authenticator or Lastpass because that would mean that I am at their mercy.
* though OTP seeds don’t print, and you can’t export/print attachments. I don’t recommend LastPass for these and many other reasons.