So, definitely coming from a position of privilege, but I think of a 6 month efund sitting at 2% (historical) MMA or having a couple of 10-20% years. If you’re looking at an efund that’s 105% of what you put in vs 150%, then that crash is a much smaller concern. Especially because the actual nadir of values (at least in the last 30 years) has been quite short lived. Why I distinguish between emergencies and events that happen once or twice a year: personal emergencies are kind of likely to coincide with stock market dips/crashes, but there’s a lot of growth potential in the meantime. I have taxable and tax-sheltered investments, and don’t distinguish a specific efund.
Risk tolerance is definitely a thing, though. I was 98% equities, 2% cash for 20 years, and only started getting some junk bonds when the yields got above 7%.