Is there a particular reason you think it's irrelevant to have documentation on how to build something that might become uneconomical to build to the point of losing the technology? Or are you just being an asshole?
Written documentation almost never captures the complete details needed to produce a complex technology, and outside of extremely vertically-integrated industries, such documentation would rarely exist in one place anyway. You're lucky enough to find detailed documentation from the source company that makes the sensor/widget, but even so a document that opens with "step 1: purchase alloy #755-D from Westchester Special Metals, hydrogen annealed" is not much help if Westchester Special Metals went out of business 60 years ago, and had the usual number of trade secrets.
There are many different types of ultra-accurate magnetometer. They are made in many different ways. If one relies on some byproduct of some other industry that goes under and becomes nonviable, then the many competitors will fill the niche with a different type of magnetometer that will be just as good.
Even if we consider a different hypothetical industry that truly is single point of failure, well, there are academic papers explaining how these things work and how to make them. Maybe the specific model of metal is no longer made, but the instructions there and an intelligent, motivated person will figure it out. And then they'll figure out how to improve it.
I don't think the failure mechanism you describe will in practice lead to anything more than brief gaps in the availability of a technology. We can remake things to spec, like FOGBANK.
A result of this is that, in some rare cases, there are certain machines and instruments where the best ones in existence were manufactured in the '80s and are jealousy hoarded in temperature-controlled vaults, because nobody today can make a better one and the industry that produced them is completely gone.
FOGBANK is a great example of a lost technology that had to be rediscovered at great expense, and that only happened because the military could write a blank cheque. But that's exactly a lost technology; they had to do the R&D all over again. And even then, they didn't have to make up for a bigger market that vanished; they were always the only customer for FOGBANK, so the economics hadn't changed. Imagine if the economically producing that material required a customer base the size of Kodak's peak market share to amortize the capital cost of a production run.
Most technologies don't have infinite money available to recreate from scratch; they depend on economies of scale and die out with their markets.
For example, if you make something like a magnetic field sensor, your customers are a handful of university labs, and your supplier of some niche ferromagnetic material stops their production line because they sold primarily to the spinning-rust hard drive industry and that market no longer pays the bills, your product becomes impossible to make. Your use case will never supply the quantities needed to run the crucibles.
For a few decades it's perhaps theoretically possible to reproduce if, somehow the survival of the world depended on it and the old material production line can be restarted, but after that, people with the knowledge have all passed away and any documentation is scattered and incomplete.