Do I need a recovery key if I use two factor authentication?

I'll correct myself. A recovery key is still an option, but it is not required. "With two-factor authentication and an Apple device, you have the option to generate a recovery key to help improve account security." It had advantages (namely you are in charge of security) and disadvantages (namely if you lose the key and a trusted device then you are locked out of your account permanently). For more information about two-factor recovery keys, please read this document How to generate a recovery key - Apple Support

Hi irishfxm,

There is no mention of a recovery key even being available with two-factor authentication. Two-factor authentication for Apple ID - Apple Support

A recovery key was available with Two-step verification for Apple ID but it wasn't required.

You're welcome.