Travel Mode and Security Key? How can it be safe?

Hi,

looks like my last post concerning this issue disappeared or something went wrong.

So I will try to sum up the things I posted.

I'm thinking about using the Travel Mode - but do not understand how it can be secure? I know how to set it up and only allow specific vault(s).

But overall how can it be safe, if my Security key is also within my vault and/or the security key. The security key is also stored within my Apple iCloud account (automatic feature of 1PW). 

So if I have my iPhone with my - activate travel mode and someone checks my phone it is quite easy to access the other vaults, or am I wrong?

Hope to get some help.

Thanks.