The scenario:
1) The phone is lost
2) No other devices
3) No access to identification (wallet lost)
3) You cannot get 2FA codes from any device
Short of putting another phone that can receive 2FA inside of a bank vault, I don’t know what else one can do.
I have two pieces of identical papers for recovery, stored in a safe at home with code that sits inside my head, and the other is in a safe/locker provided by the bank, that family could open too if needed. Most of my and my families passwords are stored in the password manager, and the way of recovering access to it is what's written on the papers.
What kind of personal safe? Never considered that.
Something similar to this: https://www.sentrysafe.com/product/CHW20201
Main point is that it's fire-proof and water-proof, and you can bolt it down. I'm not expecting it to protect against high-motivation thiefs, but at least (hopefully) survive the house burning down or being flooded, and you can't just grab it and go.
If service providers work, they should disable 2FA and we rely on our memory, hopefully!