security key stored in keychain

I recently erased the hard drive on my Mac and manually reinstalled everything. Surprisingly, after installing 1Password, it didn’t ask me for my security key. I assume this is because Keychain automatically saved it and restored it from the cloud backup. If this is the case, would it be advisable to turn off Keychain from saving the security key in order to keep it off the cloud and stored locally only? I do have a printed copy of my security key as a backup already.

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