cc @cassie 1/ Keychain is a more secure part of the operating system on iOS and macOS vs. Notes is an app, likely more basic password security (likely not encrypted) Password-protected back up is likely decent encryption, but if you forget the password you're screwed.
2/ Apple has done a ton of backup/security work for passkeys https://support.apple.com/en-us/102195
clave is skipping passkeys / webauthn and going state to the enclave / tee after devconnect more info to follow
Interesting, looks like Notes passwords are encrypted but maybe not via Keychain 🤔 Then there's a different "Secure Notes" feature in the Keychain Access app, I wonder if it's using the same underlying tech https://support.apple.com/guide/keychain-access/store-confidential-information-securely-kyca2268/mac