In a single sql server instances, sensitive data like passwords in linked server and credentials are encrypted using the server master key.
The key or objects can be decrypted only by the sql service account or the local computer account.
However, in a FCI, on node 1 suppose I use the service account as domain/user1 and on node 2 suppose I use account domain/user2; then when there is a failover to node 2, then how will node 2 be able to access the key or decrypt the objects encrypted by the key?