Do Feature Phones Count in the Mobile Friendly Update?
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If google is happy with your site in its mobile friendly testing tool https://www.google.co.uk/webmasters/tools/mobile-friendly/
Then i would think google would be pleased enough to not hurt your rankings, also if you see the 'mobile-friendly' label next to your site on a mobile device would be another indication.
Although i would think having your site suitable for as many many devices as possible would improve your user experience and have further positive effects on CTR'S, Bounce rates etc
Hope this helps,
James