Yeah, that’s how I share with my wife. I don’t anticipate that it would stay in sync if I updated it, but I can’t say that I’ve tried. Do you regularly rotate passwords?
No, but it does happen that passwords get updated, and the beauty of 1P is that you just save it, and then whoever has it gets the updated one. I share passwords with as many as 4 people, so it’s practically impossible to keep everybody in sync manually.
Also, I very much doubt if I later change the password I shared via Airdrop that it will update on the other person’s device… which is half the point.
[1]: https://support.apple.com/guide/iphone/share-passkeys-passwo...