Don't worry. It is always better to ask, if you do not know something ;)
Does it not mean that some other person can generate my password also?
Nope. Your password and your account are safe as long as you keep them private. But if you will publish your password anywhere, then someone else (even being offline) will be able to generate from that password all type of keys to your account.
Until quantum computers start brute forcing our passwords. :(
then every ciphered connection and every cryptocurrency will be in danger, but... only to a moment when it will be upgraded. Cryptography is fairly new science, there are plenty new solutions to discover.
Hehe yeah. There is also this:
https://coinmarketcap.com/assets/quantum-resistant-ledger/ :D