Interesting discussion!
I think it is very good to set expectations straight and I agree that lora might not yet be useable for "chasing" using realtime tracking.
Tracking runaway pets may not require chasing though. Getting locations at 2 minute intervals will give you a general location and a direction in case the pet is moving. That should be sufficient for finding it again.
I wonder whether Geofencing would work. The delay may be just too long.