As a user of Yubikey, I’ll try to provide some definitive information.
Support for Yubikey by iOS/iPadOS is, at best, limited. Note the construct of that sentence - as this is perhaps key to understanding some of the challenges associated with Yubikey and similar hardware authenticators with iPad and iPhone.
1) Authentication support is primarily limited to FIDO2/WebAuthn, U2F and OTP.
2) iPad does not support NFC - as iPad lacks any NFC hardware. iPhone does support NFC; with Yubikey NFC you may need to use the Yubikey App.
3) Both iPad and iPhone can support connection of USB with an appropriate adapter. Note published iOS limitations for USB-C Yubikey.
3) Yubikey (and similar devices) that connect via USB effectively emulate a USB Keyboard device. All USB devices declare a USB Device Type when connected to the host - as this determines how the host device will use the connected device.
A Yubikey declares itself to be a USB Keyboard. Whilst a USB keyboard is connected to an iPad or iPhone, the touch-screen “soft” keyboard is suppressed; if your device has iOS14 or later installed, the soft-keyboard must be prompted to reappear for every keyboard input… as illustrated here:

When using an external keyboard device, in addition to a connected Yubikey, this may be less of a limitation. However, if you primarily use the screen for input, this introduces a fundamental usability issue as you are repeatedly having to summon the keyboard with two additional targeted taps to the screen.
The workaround is to connect the Yubikey only when authenticating - immediately removing the Yubikey from the USB connection after completing an authentication attempt. Of itself, this may be acceptable - but for most users, the Yubikey is ideally allowed to remain physically connected throughout a session. Alternatively, use an external wired or Bluetooth Keyboard when using your Yubikey.
Summary
Speaking of personal experience alone, Yubikey is usable with iPad when using an appropriate Adapter/USB hub to host a USB Yubikey - but due to architectural limitations of iOS/iPadOS, is only really viable when using an external hardware keyboard. Only basic Authentication protocols are properly supported - which for many may be adequate for their needs.
I hope this insight and guidance proves to be helpful to you.