That’s the way I’ve got mine configured, but using two Ledger Nano S devices instead (would take a look at Ledger Nano X nowadays, but the price is steeper too). My two devices are cloned, and one resides elsewhere (i.e. not at home). Since they are password protected (*), my offsite backup has barely any risk of someone being able to use it even if they managed to get hold of it. Of course I could use the 24 word recovery phrase for backup, but for my off-site version I prefer a hardware password protected device that a readable paper.

(*) Password (pin) can be between 4 and 8 characters in length. If you fail the password thrice in a row, the device resets to factory setting, thus deleting your private keys from the device (that is meant to be a good thing – providing you have a backup device and/or the 24 word seed somewhere).