Which is great until you lose access to your email.

Yeah I hate that method. It's good in theory but terrible for the user. I go to a website I want to use. I click the magic link. The email takes 10 seconds to show up. In that 10 seconds I find something else to do while I'm waiting. I get distracted and find the magic link in my email 10 minutes later. It's now expired and I have to start over. Or just give up.

With a password, I click the site I want to use, my password manager fills in the password for me, and I click "login" and bam, I'm done.

A faulty line that's miserable UX and barely better security, but sure, a line.