We just got home from visiting Apple in Canberra ( a 3 hour trip each way to our nearest Apple Store). They had many clients visit today with this issue and confirmed that reverting to iOS16.7.12 could lead older iphones exposed to the inability to contact 000.
A full reinstall was tried just before the Telstra announcement and it didn't work on iPhone 8.
They confirmed that this was now flagged by both Telstra and Apple as a P1 - their top priority- problem to resolve, but exact timeframe unknown.
We were offered the option to get new iPhones and then return them when the issue was resolved, but with the additional travel, decided to tough it out cold turkey.
If the X roll-back works, great - but check that you can call 000 in poor reception areas, or you may be leaving yourself at risk in case of future emergency, which is what the update was meant to address.
Otherwise - stay near wifi and see what happens.