are Windows Hello passkeys device-bound if you have no TPM?

I know if there is a TPM they are, but what if you have no TPM at all? I'm curious if restoring an image backup from a TPM-less machine with Hello passkeys would contain those passkeys. It seems like it would since it's an image, just wondering if Windows does anything internally to Hello credentials to wipe them after a restore. Anyone tried this or know with certainty?

Thanks

I have some understanding of biometrics and how Hello works using a pin when there is a TPM, but not when Hello is software based. This article explains it in detail if you are smart enough to understand it. However, I'm not. It's terminology is way over my head. After reading it about 5 times, I gave up.
I would think, though, that as you said the software keys would be included in an image.