Good question! Check out SQRL Explained, on page 11, under "Identity Security", it suggests:
The printed identity is stored in encrypted form so that its discovery will not compromise the user’s identity because the Rescue Code is required for its decryption. Consequently, if unauthorized discoverability is a possibility, the paper backup and its printed Rescue Code should also be stored apart.
While, perhaps, ill-advised, some people have printed the Rescue Code on one side of a sheet of paper then flipped it over and printed the QR Code on the other side. But, beware, that is a little bit like keeping both keys to your safety deposit box (your key and the bank's key) on the same key ring.