I have now tested Chromium's Credential Manager API for third-party passkeys in a profile without Play Services. Here's what I did:
Created a fresh new profile
Installed 1Password, signed in, and set it as default password and passkey manager.
Opened chrome://flags/ in Vanadium and tested all the options under "Android Credential Management for passkeys".
Tapped the passkey sign-in options on github.com and login.live.com. Github gave a message that the browser reports partial passkey support, and Microsoft gave a generic error. The passkey prompt did not appear.
Conclusion: It seems likely that the Credential Management API for third-party passkeys relies on Play Services.