This is true. It's 2024 and Apple has not deigned to place the Tones folder where users can easily access it. An abundance of incredible ringtones are available for free on the internet, or maybe you've created your own. If you have both a Mac and an iPhone, it's not necessary to use Garage Band or a third-party application just to add them to your iPhone.
If you have a Mac, you can download ringtones to your Mac and then transfer them to your iPhone.
1) Download or create your ringtones. They need to be in the .m4r format (not .mp3).
2) Locate the Tones folder on your Mac. Mine is in Music>iTunes>iTunes Media>Tones
3) Add the .m4r-formatted ringtones to your Tones folder.
4) Connect your iPhone to your Mac using a usb cord (I'm not sure if this is absolutely necessary-- you might be able to connect via the cloud).
5) Open your Music program.
6) Click on the icon for your iPhone in the left sidebar of your Music program.
7) Click "Sync Settings"
8) On the General screen, under Options, check the "Manually manage music, movies and tv shows" box.
9) Click the "Apply" button at the bottom right corner of the screen.
10) Click the "Manage Storage" button at the top right corner of the screen.
11) Only now will you be able to see the fabled Tones folder for your iPhone, which will appear as part of a list in a separate little box.
12) Select the Tones folder. You can now drag and drop your ringtone files from the Tones file on your Mac into your iPhone's Tones folder. Click the "Done" button once all of your ringtones are added.
13) This takes you back to the General screen. Sync your iPhone with your Mac by clicking the "Sync" button at the bottom right corner of this screen.
10) You may want to uncheck the "Manually manage" box if this is not your default setting. My default setting is "Automatically sync when this iPhone is connected."
11) You should now be able to see your new ringtones listed in the "Sounds and Haptics" section of your iPhone settings.
12) Enjoy!