If there is no working iPhone for what Apple calls Continuity, then cellular calls will not reach a Mac, as a Mac has no cellular communications. A Mac or iPad uses the iPhone associated with the same Apple ID for cellular access, and that iPhone must also be nearby, and must be connected to the cellular network.
Your use of Wi-Fi calling is unrelated to this. That’s how you connect into the cellular carrier network, if not via cellular. That connection is unrelated to the connection between the called cellular phone and the called phone’s carrier network.
You could use FaceTime of Messages here, or related as an alternative for these communications, as no cellular network is needed with those. I usually use Messages, which can use cellular networks when needed and prefers to use other paths including Wi-Fi when that’s available. Green bubbles in Messages conversations means SMS cellular communications is being used, while blue bubbles means Wi-Fi or other network communications are being used.
Here, I’d expect a few rings and then getting forwarded to voicemail, depending on the connection and the carriers.
PS: Please update your iPhone to iOS 16, if you’re really still using iOS 14 per the footer here.
… Update your iPhone or iPad - Apple Support
iOS 14 is very old, and with known issues.