Exactly. Realistically vaccines are very safe, very occasionally they aren't. So you start small and increase the sample size gradually to manage that risk until you have enough data to show both efficacy and safety.
To be fair: it's also a global pandemic, and one very poorly controlled in the US. So there is real and quantifiable risk to being "too slow", also. Balancing between the two extremes isn't well-served by a static protocol, you'd do something different for a vaccine against ebola (where you want to take your time because there are very few cases) than you would for covid (more urgent, low thousands of people dying every day) than you would have in the 50's for polio (an ongoing global catastrophe).
So... sure. It's not at all unreasonable that an "emergency" vaccine approval might happen. Which is why it's such a disaster that the FDA has given the appearance of being politicized (c.f. the plasma nonsense announcement, the right wing journalist hired as a press manager by the white house and then fired from within the bureaucracy). There is real concern that this administration really would "cheat" with a vaccine announcement in a way unsupported by the science.
So now worry about blowback is forcing the pharma companies to, perhaps, err in the opposite direction by ruling out an emergency approval. I'm not sure that's right either.
(Or maybe they all know there's no way they'll have valid data before November and are just trying to shut the debate down early.)