skywing A smartphone is still going to be more secure, even when only used for SMS and calls. It's going to have a better software update cycle and better isolation for baseband processors. With the exception of OSes based on AOSP and receive updates (most aren't), dumbphones have much poorer privilege separation between hardware, the system, and unprivileged apps and no full verified boot to ensure system integrity. All of that serves to make your phone much more vulnerable to a compromise, and especially a persistent compromise. This is also assuming the dumbphone has any physical security and locking mechanism (most don't).
Of course, with a smartphone that only does SMS/calls, the network is going to be the weakest link, it's just that the specific attack vector of compromising the device is much less likely.
It would be possible to develop a dumbphone that is at least as secure as a smartphone that only does calls/SMS, but such a device would take engineering work and would wind up costing hundreds of dollars for the consumer.