Recovery Code vs. Emergency Kit: what does the Recovery Code add, and what does it mean for security?

Hi everyone,

I'm trying to understand how the Recovery Code and the Emergency Kit fit together.

As I understand it, the Emergency Kit contains my sign-in address, email address and Secret Key, plus a space where I can write down my account password. If I keep it safely stored, I can sign in on a new device with it.

1. Which situation does the Recovery Code cover that the Emergency Kit does not? Is it mainly the case where I forget my account password and/or lose my Secret Key?
2. Is it recommended to keep both, and should they be stored in separate places?
3. After a recovery, I understand that I get a new Secret Key and have to set a new account password. Is that correct, and what happens to my other trusted devices?

My understanding is that, with a Recovery Code, access to my email account plus the code itself is enough to get into the account without knowing my account password or Secret Key. If that is right, my email account effectively becomes the weakest link, and the Recovery Code becomes a third way in that sits outside the usual password + Secret Key model.

4. Is this understanding correct, or am I missing a protection?
5. Does two-factor authentication on my 1Password account still apply during a recovery?
6. Is there a notification or a way to block a recovery attempt if it wasn't me?
7. Would you recommend not creating a Recovery Code at all if the email account is not especially well protected?
 

Thank you :)