Yes, since Apple started selling devices with OLED screens, they have called new products with LCD screens Liquid Retina. See iPhone XR, iPhone 11, iPad Mini 6, etc.
This is still only compatible with the 1st gen Apple Pencil which charges with a male lightning connector. Since this new iPad no longer has a lightning port you now need an adaptor which, at least, they include in the box.
The TOTP secrets are encrypted with a passprhase locally. You need the phone number to download the encrypted secrets but then need to use your passphrase to decrypt the restored backup locally.