Biometric login does not use biometric protected storage?

Am I correct in that “Unlock with biometrics” does not actually store the unlock key in a secure storage protected by biometrics, but instead just checks simply checks a valid biometric response and then uses an unlock key that was stored in the normal credential store all along? For example in windows, the windows credential manager stores a “Bitwarden/key” credential when unlock by windows hello is enabled. It seems it would be trivial to circumvent windows hello by reading this key directly.