I had the same question, as I don't live in the US, I can't have my AP magic bands sent to me. I e-mailed Disney yesterday and this is the reply I received:
Thank you for contacting the Walt Disney World® Resort.
As long as your resort reservation and your Annual Pass are both linked
to your My Disney Experience account, then your Magic Band will be able
to function as your room key and your Annual Pass both! Magic Bands are
designed to read all information on your account, whether it be Annual
Passes, additional theme park tickets, FastPass+ selections, or room
reservations.
In addition, if you would rather not wear your Magic Bands, you can ask
at your Front Desk for room keys instead. They have all the same
functionality of the Magic Bands.
If you have questions or need further assistance, feel free to contact
us.