Password managers are not without dangers:
1. If you forget your master password or secret key (you need both to setup a new device), you are screwed.
2. If the password manager cloud sync service (like 1password) decides to cancel your account for whatever reason, you are screwed.
3. If the password manager allows silently keeping replicas on devices you don't know about, you are screwed.
4. If your password manager logs your sign-in access patterns along with your IP addresses (even from behind your fancy VPNs), you are screwed.
5. If you are storing your password, your 2FA secret, and your recovery keys - all in the same password manager, you are royally screwed when that password manager is compromised.
6. If you lose your device, or device gets damaged etc and you don't have a copy of your vault, you are screwed.
Remember – supply chain attacks (example: password manager company's office gets hacked, and their signing key gets stolen and a trojan update is delivered to your machine) will happen some day (may have already happened) and all your passwords will be stolen. Just assume that and behave accordingly.