If you keep altcoins in hardware wallet, how dependent you are from the model of hardware wallet?

Say your hardware wallet got broken and you need to get and set up a new one.

Do I understand correct that there are 2 options:

Option 1. You choose a new hardware wallet which supports all of your altcoins.
After setting it up with the old seed and old passphrase all altcoins will be available to use.
Option 2. You choose a hardware wallet that doesn't support some of your altcoins.
After setting it up with old seed and old passphrase it will not show non-supported altcoins and they will not be available to use.
However, you will not loose them and they will not disappear as your assets, you can get them available later if you transfer your seed (say after several years) to a wallet which support those altcoins.

Is that correct?

Is it correct that other options don't exist when switching between hardware wallets by  transferring seed/passphrase?

Btw, I also wonder how it works technically, when the same seed "remembers" and "keeps" many altcoins while every altcoin has its own blockchain? Every altcoin then should have its own seed. But somehow all of them are stored in the wallet with only 1 seed. How? :-)