I thought that it had all the same features, just not cloud sync. As far as I know the Yubikey is used for authenticating with their sync server. It doesn't actually help with the encryption
Bitwarden's free plan does have end-to-end encrypted cloud sync with no device limit. The free plan lacks TOTP support, but Bitwarden's $10/year plan does include TOTP support and is cheaper than 1Password's $35.88/year plan. Bitwarden is also open source, while 1Password is not.
I'm referring to Bitwarden Authenticator, which stores TOTP secrets and displays 6-digit codes like Google Authenticator does.[1] This feature requires a Bitwarden Premium account, with the $10/year plan being the cheapest option.[2] (Self-hosting through Vaultwarden is another option.[3])
This is separate from having TOTP 2FA on the Bitwarden account itself, which is available on the free plan.[4]