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60% of MD5 password hashes are crackable in under an hour
(www.theregister.com)
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I'd use at least one more: The one that unlocks your device shouldn't be the one that unlocks your password manager. Other than that, yes. Use a password manager, let it generate per-service passwords for you, and make sure you have a backup plan.
For example, I use a KeePass database shared across my devices via a self-hosted NextCloud. Each of my devices plus the server effectively holds a backup copy so I'd have to lose all of my devices plus the server before my password database becomes inaccessible. Since the server lives in a datacenter it also serves as a remote backup.
If your password manager is SaaS, you might want to investigate how to protect yourself from scenarios like the service being down or you losing access to the account.