Also, if you're sending an encryption key you have to make sure it's a good key, ie generate it from a reliable source of random and with a sufficient length, whereas magic wormhole's password is automatically generated for you.
Yes, that's what I'm saying: GP's point is that if you have a secure channel you might as well send the encryption key, but in order to do that you have to be careful about generating it correctly, whereas PAKE give you the possibility to exchange something far simpler.