Yes, that's the question when you have a pair.
I haven't bred keyholes, but I have lots of other species, including SA cichlids. They'll probably do this every few weeks. In a larger tank community you could let the fry make it or not on their own, which would take care of most of them, beside the random individuals that survive... or what I've done is save as many as I want to or have room to raise and sell or trade them later on. If there's a lfs interested you can sometimes sell or trade some babies or juvies to them-- I've done a good bit of that over the years.
Some people will raise fry from one spawn, just for the experience, then keep a pair in a main community tank where most fry get eaten or separate or sell the pair, etc. Even when you separate fry to raise, not all of them make it (in many species). Another possibility is a school of some sort of dithers that would pick off fry. Or once a pair produce fry you can sell them as a "proven pair", which has value to someone looking for a pair. Some people with multiple tanks will catch fry and use them as home grown feeders for other fish. Don't know where you are exactly, but if there's decent lfs accessible to you, could be one would take fry or take the breeding pair...
Kind of depends what you want to do and what you want out of the tank. I'd mention selling online, but I'm guessing that's a rabbit hole that's not on your radar.
Just curious where you got them originally?