So, I understand that this will help you recover google access, but it will do nothing to help you with access to third part applications using authenticator. Those rely on unique keys that exist only on your phone and on their servers. Google does not store online backup of your third part 2fa keys. The only way to recover these is to backup the original keys/qr or backup your authenticator data. I understand that rquires root privileges and so is not recommended. Easiest is to use a qr scanner to scan and save all 2fa keys when you are setting up. Save these offline in a secure place. I think authy has easier backup options but Ive never tried it.
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So, if you recover you google authenticator on a new device you can't access the same accounts as your old phone? You can only recover those with the backup of the qr code? Have you tried this out? If this is true you should indeed back up a QR code for every exchange and also have a backup for your google access.