Can I have both a recovery contact and a recovery key ?

My knowledge says you can have both. Please see the pic below

The pros and cons of the two are... Please see the table below

How to generate a recovery key - Apple Support (IN)

Using a recovery key is more secure, but it means that you're responsible for maintaining access to your trusted devices and your recovery key.

Account recovery contact security - Apple Support (IN)

At recovery time, only when the two key shares are recombined can the original key be recovered and the user's iCloud data accessed.

What is account recovery?

Account recovery is a process designed to get you back into your Apple ID account when you don’t have enough information to reset your password. For security reasons, it might take several days or longer before you can use your account again. We know this delay is inconvenient, but it's important so that we can keep your account and information safe.

Before you start the account recovery waiting period, try to reset your password. 

• Learn how to reset your Apple ID password on a trusted device or through the Apple Support app on a family member’s iPhone, iPad, or iPod touch. You can also visit an Apple Store and ask to use a device on-site.
• If you set up an account recovery contact, they can also help you reset your password. 

Use account recovery only as a last resort when you can’t sign in or reset your Apple ID password.