This is not true.
Passkeys still protect you from additional things that password managers don't protect you against:
1. Your credential can't be phished as it's cryptographically bound to the domain. You could stil be tricked into entering your password and TOTP into a malicious website.
2. Your credential can't be leaked by sloppy servers as it's public key crypto. This makes your security not depend on believing the website your logging into does proper password hashing and doesn't accidentally log password in plaintext.