Welcome to the community.
Yeah, cloud-based integrations often have issues like latency, security/privacy, or worse, they go out of business and the device stops working altogether. Local access is always preferable.
The Encode+ is nice that it also supports local HomeKit control, which doesn’t leave your LAN unless you allow it to. HomeKit devices can only have a single controller, and for HomeKeys to work, I suspect that controller has to be an Apple Home Hub (HA can function as a HomeKit controller, but I haven’t heard of HomeKeys working that way…yet).
I have an older Schlage HomeKit lock, and I choose to keep it paired with Apple Home and use a semaphore entity to sync with HA, which several people have done with success. Only takes a few minutes to setup and has worked really well for me for almost five years.