There are some children who will learn to read easily, using whatever method is thrown at them. I learned many years ago with much more whole word recognition and was a bit crap with phonics. I think the consequences for me were:
I eventually read enough to pick up phonic rules by osmosis, so could sound out words like nonsense Dahl words, but would have been older then my 6 year old DD when I could do it and wouldn't have been as confident.
There are some words I have only ever seen written down and I don't know how they are pronounced. E.g scoliosis.
My spelling is not great. I could never spell out loud as I had to see if a word looked right.
I still struggle to read words with lots if 'i's and 't's in them like imitate.
I struggled to read out loud until I was about 25 as I tend to reword things as I read, so same meaning, but different words came out.
But I came from a background with lots of books and the expectation that I would read and I was fairly bright. Without those factors I don't know that I would have ended up as a fast and fluent reader.
Having universal phonics provision wasn't aimed at children like me who turned out fine. It was for the many who struggled for years and many who never became functionally literate.
My understanding of phonics has improved hugely since DD learned to read. I think that a solid grounding in phonics would have made a difference to me when I was younger, even as a fluent reader.