Well, I grew up before smart phones were a thing, but dumb phones were absolutely a thing (the “cool” kids had the Motorola Razer, if that helps).
And yeah, not having a phone sucked. But I was able to bum a phone off my friends, and I carried some coins in case I needed to use a pay phone (another hint at my age).
Pay phones aren’t really a thing anymore, but kids can absolutely ask a trusted adult (e.g. a teacher) to use their phone in an emergency. My kids also know our phone numbers, our address, and rough directions to get home, so if there’s a true emergency, they can get home (e.g. get a police officer to give them a lift). We ride bikes in our neighborhood frequently enough that they can probably give turn by turn directions once they’re within a few blocks of our house. But the chances of that actually happening are so remote it’s really not worth planning for. We only take our kids to birthday parties (we meet the parents when we drop them off), school activities (we know their teachers), or friends houses, and we let them go on their own to the local parks. We give them a time to come home, and if they don’t come home when expected, they lose their privilege to go out on their own for a bit.
So I’m not concerned at all about emergencies, and I think parents are way too worried about it. If I don’t trust my kid on their own somewhere, a phone isn’t going to make me feel more comfortable. In my eyes, a phone is a privilege, and privileges are earned and can absolutely be revoked.
I’ll probably give my kids phones before they leave the house, but not until they earn that trust, and also not before they actually need one. My current target is 14yo w/ a dumb phone, and 16yo w/ a smart phone (for directions). Once I’ve given them a phone, I’ll trust them completely with it (no tracking) until they violate my trust, at which point they’ll lose it. That’s how I’d prefer to be treated as a kid, so that’s how I’ll treat them.