Nowadays, most people use password managers (hopefully). However, there are still some passwords that you need to memorize, like master password (for a password manager), phone lock, wifi password, etc.
Security wise, can passphrase reach the strength of a good password without getting so long that it defeats the purpose of even using it?
Yes, on my password manager and computer logins. I love them because they are so easy to memorize and still secure enough to use in these scenarios. My Laptops are at home or with me. Someone cracking that is highly unlikely and I don’t want to look up and manually type random passwords from my PW manager every time. 1Password itself needs a second long password for new devices to login, so I’m not worried about that. Everything else has very long random passwords which I store in 1Password.