Assets live on the chain; the wallet holds the private key that authorises moving them. A wallet is therefore closer to a keyring than to a bank account, and copying the key elsewhere copies the control.
Hot wallets stay connected to the internet and are convenient and exposed. Cold wallets, typically a hardware device, keep the key offline and sign transactions without ever revealing it, which is the standard for balances worth protecting.
The recovery phrase is the key. Twelve or twenty-four words regenerate the wallet on any device, so anyone who reads them owns the funds, and anyone who loses them loses the funds permanently. No support desk can restore either situation.