How the code is made
A time based one time password is calculated from a secret seed and the current time. The service and the authenticator must both know that seed. The code changes after a short interval, commonly thirty seconds. Team2FA supports standard TOTP settings including several algorithms, digit lengths and time periods.
The real asset is the seed
A displayed code has a short lifetime; the seed does not. Whoever has the seed can generate future codes until it is changed on the service that issued it. Limit who can view codes and who can add or edit entries. Keep account recovery material outside the shared authenticator.
Phishing still matters
A valid code can be typed into a fake login page. Where a service supports passkeys or phishing resistant MFA, prefer them for high impact accounts. Shared TOTP is a workflow for services that still rely on authenticator codes.