Earlier quoted context omitted.
As much as it can "weaken" security, an electronic backup is still recommended for most Maybe I'm being dense (probably), but where would you save it? iCloud? No, that doesn't work - you need the key to access iCloud. Some other cloud storage service? No, that doesn't work - you need your phone to generate a token for access and your phone was destroyed in the same fire as the paper backup. Seems like the safe choice…
Personally, I encrypt my backup/recovery/setup keys in a CSV file using a password that I have memorized, and send them to family members to store in their accounts/cloud storage. But safety deposit boxes are a good choice too, just be careful to balance your own convenience. If you can't easily update your backups, you're really unlikely to include new accounts in them
I suppose a phrase works too, and easy to remember.