No. Password managers still store secrets that can be stolen from servers or typed into phishing sites. Passkeys never transmit a secret; they use cryptographic proof of possession.
This architecture creates a profound defense against phishing. When a user goes to sign in, their device proves possession of the private key by signing a "challenge" issued by the server. Because the private key is bound to the specific website domain during registration, a passkey registered to "bank.com" will simply not work on a lookalike site like "bank-security-check.com." Even if a user is duped by the most convincing phishing attempt imaginable, the authentication will fail because the cryptographic handshake recognizes the domain mismatch. The passkey effectively takes the decision-making process out of the user's hands, removing the human error that hackers rely on. passkeys