Thanks @Nagappan Veerappan
Couple of quick points to validate around this flow.
Do I have to register my android phone in all the tenants where I am creating passkey with the help of MS-authenticator app ? I do not think so but just confirming.
Secondly, as you said, starting from Android 14 users can opt to use third-party credential management apps to store their passkeys. So basically our MS-authenticator is just a credential-manager (similar to all 3rd party Bitwarden, Dashlane etc. who are doing passkey management)
So when I sign into MS-authenticator with eg., ******@mytenant.com, I will asked if I want to create a passkey for this account. That time, will I get chance to choose the 3rd party app where I want to sync the passkey ?? usually I chose to sync at google-password-manager but this time I must choose MS-authenticator. Am I right ??