It won't protect you from the intention 2fa was created.
The idea being that the intersection of {people who can get your password, such as through phishing or other digital attack} and {people who have physical proximity and can steal your physical device} are typically much smaller than the set of people in either category.
Conveniently saved in your browser :) Might not be easy to extract from a logged-out device, but grabbing the device quickly can bypass both "factors" simultaneously.
Makes me wonder how functions like CryptProtectData protect against physical disk access with hex editor. The hash of the login password can be changed to anything and obviously they cannot access the actual password since it should be destroyed after hashing. So unless TPM is involved I don't see how it can be secure.
The odds of someone stealing your computer to hack into your accounts instead of simply selling it on eBay are practically zero for most people.