I got a new phone a couple of months ago. It cost £120 and runs all the apps I need (the 5G version is a bit more but I don't need 5G). If I drop it or lose it that will be annoying, but not nearly as annoying as an iPhone that costs 10 times as much. I'm always amused when I see people who need to replace their iPhone spending £400 on a four-year-old one.
I keep this phone in an old person's phone case (the kind that has a front cover, because old people like me still carry actual physical credit cards in the handy slots). So I like to imagine that it doesn't look like a posh phone. Maybe you can get covers with "this is a cheap Android phone" on them though. I'd like one of those.
The new phone also has a nifty feature whereby if you move it suddenly, it will lock. For example, if someone grabs it from you, that will set this feature off, and the phone can't be used until it's unlocked. So far I've set it off twice myself by pulling the phone out of my coat pocket "too quickly", so I know it works (I can unlock it in half a second with the fingerprint reader).
So if a thief did grab it, there's a good chance that they would drop it 200m away because they can't use it, or at least, not easily. I'm sure there are places that can unlock them for a fee, but it takes time, and the thief doesn't always have that. They know that the clock is ticking on the "Find My Phone" feature, both in terms of tracking them and also the owner "bricking" the phone from a distance. (Whatever your phone, you need to know how to track and brick it from another device.)
For what it's worth the phone is a Samsung A15, but I'm not looking to advertise it and I assume that many other modern phones have something like this feature.