That is still better than in a password manager with no access controls

As long as the notebook is in a locked draw I would pass this on an IT Audit.

When I was on help desk I often talked about meeting the client where they were at in their technical skill level. Sometimes their technical skill level was “Can you click the icon in the bottom left that looks like a window with four pains, and then click the settings icon it looks like a gear”. If mounting a file share was involved I just remoted in, none of the people that called could handle those instructions.