I understood that 3 public keys are needed for making transaction in 2-of-3. Where the confusion is from is the fact that if I want to create a multisig wallet, I will create it on online wallet just as I explained above, or to better use hardware wallets for it. I can not think to the extent of creating a paper multisig wallet because that is not even the purpose of multisig wallet. Assuming I have the three wallets on three devices and I lost one seed phrase, I will create another 2-of-3 multisig wallet and send my coins there. But just the changes I can make is to never use seed phrase where master public keys can be used so that each seed phrase will not go beyond each single device.