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I have Air Tags on mine and have tested them and they seem to be fine, never had the need to use it in an emergency but for the $30 cost I was happy to get them for some additional peace of mind.
Whatever you do, make sure that the Facebook page for local lost and found pets is PUBLICLY viewable! The one for my area used to be but later became private.
They lost many sets of potential finders that way. I used to check it regularly in case I saw any of the missing ones around, which occasionally happened. Many pets WERE reported found because of that public visibility.
Now, I assume a stray with no collar is feral or abandoned. Don’t depend on anyone outside your neighborhood to know which dog belongs to who. The chip can’t help a stranger unless they get the dog to a device that reads it. And I won’t try to lure a strange dog.