My recollection is that the keys are stored on the TPM and can't be exported. Backups kick the can down the road; now the adversary demands access to your backups. If the keys can't leave the TPM and the TPM is wiped, then there is no more leverage that can be applied that will unlock the phone. The adversary might still try to get at other kinds of backups anyway to search for whatever data they were after to begin with, but that's a separate issue.
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