As long as your password manager isn't something that can be hacked or spied on by anyone, that should work.
I only trust open-source password managers.
https://keepassxc.org/ is my favorite.
Isn't the easy solution to suggest the following? I've only been thinking about this for less than 2 years but it's good practical advice. Maybe not enough for Bitcoin community celebrities, but def enough for no coiners and regular plebs. Maybe step 0 run malware scanner or do it all in Tails.
  1. Use password manager with strong pass.
  2. Multiple USB stick backups in different places.