That's about right for what it is, or at least how I think about it. There's no magic "unlock vault" button (by design), but an Organizer can kick off a workflow to reset a vault if need be. I have a few of the more tech-savvy family members set as organizers in my family in case something ever happens to me.

Bitwarden offers this as well, but I don't really understand why you would want it. If someone compromises your password manager, 2FA is now worthless. Or am I misunderstanding how it works?

This is also possible with the 1Password X extension, however there's a lot of feature segmentation and unclear messaging between the Desktop app-based version and 1Password X so I don't blame you for using the old one.