I've just tried this on my Pixel 6 and it sounded an alarm, started a count down and opened a UI I had never seen before. I explored it a little more and am shocked at how much "hidden" functionality exists on my phone, it has the ability to start emergency sharing my location with emergency contacts, record videos and upload this to Drive, call the police with some type of automated voice stating my location incase I cannot talk. In addition it has a safety check up feature, which periodically checks if I'm okay (e.g I walk back late at night from the station), a lack of a check-in from my end would initiate emergency location sharing.
The Android team does a great job of introducing features, I just wish they were better advertised, as I am sure there are so many people who (unfortunately at some point) would benefit from these features.