There are also other products, like SecureID. Some of these use a physical token, and other forms allow a key to be generated from one's iPhone or other type of phone.
There are also other products like government CAC cards.
Here is the thing about these systems. None are perfect and all are affected by bugs. If they have to install something to your system, those can be affected when the MacOS is updated or upgraded.
My employer uses these and they do malfunction sometimes. In which case the user is "locked out" but my employer fixes these problems so I can use my work computer once again. However, if you are doing this on your own, be aware that you may have to be prepared to resolve these problems n your own.
Some of the problems are hardware or software related. Some occur because of issues with the USB devices or readers.
System complexity creates new vulnerabilities. You have to decide if the added security is worth the additional risk in other areas.