My Waves is on the same stick as PA.
WRT to losing or break it. I realize it's much smaller that my cell phone but I've never lost or broken any of my cell phones since my first on in the early 90s.
Buy yeah, that's always a possibility. However, I mostly jest about using my license on multiple computers, I'm a home hobbyist and do not have any commercial clients so at least it's not likely to be stolen. Now to be damaged the roof would need to cave in right above my DAW then crush the top tier of my desc to get eben close to where the stick is stored.
Now fire I can't control. The last time we evacuated for a fire I grabbed my most precious bass guitars, my DAW computer, my USB and iLok sticks and my NAS drives. Hopefully if it has to happen again I will once more have the time repeat that performance.