I have been using this setup for about three years now and it works very, very well. It's useful for GnuPG (so, encrypted backups), SSH and 2FA for multiple websites. I highly recommend this setup.
I also recommend doing what I did: get two Yubikeys, not one. Do everything twice, that way you have a physical backup/fallback device. You can also choose to leave one permanently stored somewhere and carry another one with you. Encrypt your backups for two public keys, add two 2FA keys to critical sites, etc. It buys you lots of options for relatively little effort.
I also recommend doing what I did: get two Yubikeys, not one. Do everything twice, that way you have a physical backup/fallback device. You can also choose to leave one permanently stored somewhere and carry another one with you. Encrypt your backups for two public keys, add two 2FA keys to critical sites, etc. It buys you lots of options for relatively little effort.