The standalone app is new from WWDC. But Apple has been shipping a password manager for multiple years now that has been in the Settings app, whether on macOS or iOS/iPadOS. All they've done this year is break it out to its own app. Your ability to save passwords, 2FA, passkeys, and notes about the passwords has been there for years. And, yes, all of these features are in the new standalone app, plus the ability to add multiple domains to a single password (new this year).
Here are a couple of screenshots from the Mac app. The first one is from creating a new password manually. The second one is part of the window from an existing password, so that you can see that the 30-second OTP code is present.