Disney Employee Targeted in Password Manager Hack

[gorzek]

This is the key part:

With on-device encryption, you lock up your passwords or passkeys with Google Password Manager, but you take the key with you instead. This means that only you can see your data. Just keep in mind that if you lose the key, you could lose your data too.

Only you can see your data.
This means exactly what it sounds like: if you lose your phone, the data is gone. If you forget your PIN and have no other access methods available, the data is gone.
You can use backup tools to keep copies elsewhere but, by default, your data is only on your phone and is gone forever if you lose the phone or your PIN/access method.