Cloud storage is frequently hacked, and should not be used for sensitive data or back ups. A better option is to use one of the apps I listed to make an encrypted back up locally.
You are completely right, that is why I said I prefer QR code backup instead, and in my first comment, I suggested OcTradism to include andOTP. Authy is only easy for backup but I can never back up on the cloud storage. But I get your point, I should not recommend to other want I can not use.
The two are good, authy makes backup easier, it has a secure cloud for the backup, someone can easily restore it back through the cloud on another device in case of theft or damage. Aside that, it is also protected by pin and biometry (fingerprint) which I did not see on google factor authenticator, if your device is stolen, the pin can still help for attackers not to compromise it unlike google 2FA, although the device itself can be passward protected. The authy cloud storage is proven to be secure but I do not believe in cloud storage , I prefer the QR code backup instead]