Can some one explain something for me?

@ http://support.exodus.io/article/46-where-are-my-private-keys-stored

"The private keys to your blockchain assets are generated and encrypted locally and stored on your computer. These keys are never stored on the cloud, and they remain 100% for your eyes only, 100% in your control."

If these keys are locally stored on your computer, how is an online-only recovery possible? How is losing the computer not a risk, or any local file to backup?

Are the keys not recovered with the e-mail link &/or 12 word phrase? (yes i'm aware you can export keys)