No, you’re not missing anything. Blade serrations are mainly used for sawing fibrous materials such as rope, webbing, fabric, etc. It works great for that use, but makes the knife a complete pain in the butt for anything else. In an emergency or survival situation, you will likely need your knife for more than just cutting rope and so forth, so a plain non-serrated edge is better in my opinion.
Serrations may make cutting rope go faster, but plain edges can cut through it as well (with a little more effort) and are much more versatile and much easier to sharpen (especially in the field).
If you find yourself partial to having serrations, simply carry a multitool that has both a plain-edge and a serrated blade. That way, you can always pull out the serrated blade when it will count the most. Having one blade that’s partially serrated and partially plain-edge just makes a knife that’s kind of a pain in any situation, in my opinion.
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“Hiking is just walking where it’s okay to pee. Sometimes old people hike by mistake.” — Demitri Martin