There is a company called Gabb that makes watches for kids with a GPS function. It may be tricky to sell it as an adult watch, but it's cheap and does the trick.
this post was submitted on 27 Oct 2023
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Just in case you have not thought about it: depending on the country you are living in this might be illegal. Even with dementia a person has the right not to be tracked if he or she is not under legal support by a caregiver.
This aside: Maybe the Alzheimer‘s Association(https://www.alz.org/help-support/caregiving/safety/technology-101) can give you valuable advise of which trackers work best.
Apple Watch all the way. It can detect a fall, call 911 for it. With a cell service you can track the user of the watch.