First phone at 10 - too early?

My daughter is turning 10 next month and ALL her friends have phones. She's been asking for one forever. I work from home but my wife commutes and we'd like her to be able to text us after school when she walks home with her friend group. The problem is I see 10-year-olds glued to TikTok and I'm terrified of that happening.

Has anyone given their kid a phone that young? What precautions did you put in place? We're thinking of getting her a cheap iPhone and using Screen Time to lock it down hard - maybe 30 min/day on social stuff, unlimited texting and calls. Too restrictive or too lenient?