> waving the phone over the lock (hope it's not raining) is easier than taking a key out of your pocket [?]
It is easier to get a virtual key to a friend to feed your cat, to a guest or to your plumber, than it is a physical key. Individual virtual keys can be rescinded, too. Put another way, merely carrying and wielding a key doesn't describe *all* the work involved with key use - getting keys cut and distributing them are 'tasks' too.
Most extant door locks that use physical keys are not considered very secure - just check the internet for guides on picking or jamming various brands. No lock is secure, so just make sure yours take a bit longer to pick than your neighbours' locks do!
The more secure models aren't always easy to operate, often requiring a full 360 deg turn of the key - that can be difficult for users with dexterity problems or arthritis. See the internet selling small levers for turning keys to this category of user.
The more secure models can also be fussier about receiving a key in the first place.
BTW, fingerprint scanners work near instantly these days, as does FaceID when I've seen it used. Rain will confuse my Samsung's fingerprint scanner, but pattern unlock works reliably unless there are big puddles on the screen. A lot of phones a properly waterproof these days, many more are weatherproof.
Apple Watch users won't even need to take anything out of their pocket to operate this lock.
And yes, it is good that the lock retains a physical key. I'd be unlikely to lose my phone AND my key at the same time.