The main problem I have with two factor identification is, as I understand it, it uses one of your devices as an authentication factor. So what happens when I upgrade to another device, or my device gets lost/stolen? I get a new device, and now what?
To guard against that problem you need to setup some other "trusted phone numbers". So in your scenario you could have Apple call your home phone if it was on the trusted phone numbers list. I have my iPhone and also my home phone and a family member's mobile phone on the list as fallback for the scenario you mentioned.
https://support.apple.com/en-us/HT204915
A trusted phone number is a number that can be used to receive verification codes by text or phone call. You must verify at least one trusted phone number to enroll in two-factor authentication.
You should also consider verifying other phone numbers you can access, such as a home phone, or a number used by a family member or close friend. You can use these numbers if you temporarily can't access your own devices.
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