I don't know about this new device and how the producer handles such issues, but with OpenDime what's lost is lost, and it's for good. However, with hardware wallets it is possible to retrieve the keys if your device malfunctions, though that doesn't mean that they keep the keys as such (meaning that someone from inside can steal your coins). If I'm not mistaken, they don't keep the keys themselves but you can still restore the key if you keep a seed to the key (or how it is called correctly). In simplified terms, they keep one part of the password to the key while you keep the other part, so in no way they can steal the coins from you.
These devices don't work that way.
From their website:
UNCOPIABLE COLD WALLET
Hardware storage with high grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets
The private keys are only stored in the chip inside the 'note' and cannot be got at by you or anyone else. So if it is lost or damaged that's it, the coin is lost. In that way, they are similar to banknotes.