Nowadays, most people use password managers (hopefully). However, there are still some passwords that you need to memorize, like master password (for a password manager), phone lock, wifi password, etc.
Security wise, can passphrase reach the strength of a good password without getting so long that it defeats the purpose of even using it?
No, using 2FA is your best defense, along with wise recovery questions. It matters nothing if you know someone’s password, but can’t get the 2FA code.
In terms of security? Sure. We’re talking about password entropy here.