The 1Password Windows app is not quite at feature parity with the macOS app (or even iOS and Android). You cannot create a new shared vault via that app, just a local vault with its own password. Just tried to do it, and was unable to. The documentation shows how to do it on the web, and on 3 different OSes which do not include Windows.
tl;dr Yubikey 5 NFC works great with 1Password on iOS (assuming your phone has NFC).
I just got 1Password to use on my iPhone and my Mac. The website allows using a Yubikey as a second factor (in addition to apps, like Authy or Google Authenticator). Turns out, the iOS 1Password app also handles the Yubikey 5 NFC properly: open the app and it asks for the password, and then for the second factor. If you scan your Yubikey using NFC, the app recognizes it.
The alert pointing to the special website also appears, but it is not necessary to go to it.