If you live with someone who can be your password-holder, this is easy with little downside. If you don't, you need to think about the possibility of emergency use of the phone. But I think it will let you call 911 at any time of day regardless of parental controls.
One thing I will note from when I set this up years ago for a friend's family: there aren't persistent preferences, and once you disable parental controls (even just for a minute), you have to re-enable every single control manually. This may well have changed in the last 5 years though — I certainly hope so!
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