Restore blockchain.com wallet(s) in case the company goes away?

Question

So I have some funds on an blockchain.com wallet. Actually it's multiple wallets (some ETH, some BTC)

I followed the backup procedure and wrote 12 English words on a sheet of paper.

There is an answer about password recovery but it still needs the company to be existent.

Will there a way to recover the wallets from those passwords or is this just a fancy way of password recovery? If not, what's a better way to backup the wallets?

EDIT: If found some background about how it seems to work. It seems to work using BIP44 / BIP39. But this leads to more questions:

1. Is this only working for my bitcoin wallet, not for ETH?
2. Is also the wallet address encoded in the words or only the passphrase?

Answer 1

I tried it. It works independent from the company.

I downloaded the exodus client and was able to restore my wallet there.

The only risk with a web-wallet like blockchain.com is, that the company could theoretically access to funds and withdraw them from my wallet, if they go bankrupt.

So it seems a better approach for use an offline wallet and transfer the funds to a new exodus wallet or something similar.