Perhaps I should re-phrase my comment. ELT's no longer send that rising tone on 121.5 when activated and it is not necessary for aircraft to monitor 121.5.
My understanding is very different about the new elt’s. (I work in the aviation industry, as a pilot.)
121.5 is no longer monitored by satellite. However, the new 406mhz elt’s still do put out the 121.5 signal. The reason why is because when CAP or other SAR agencies are close enough they will use local vhf direction finding gear on 121.5 MHz to pinpoint the aircraft/radio.
Here is a link to a modern elt, it includes both a 406 & 121.5 radio:
Artex ELT 345 GPS / 406 / 121.5 With Whip Antenna FAA TSO | Aircraft Spruce ®
Artex ELT 345 GPS / 406 / 121.5 With Whip Antenna FAA TSO The ELT 345 boasts an industry low price for an ELT providing the same quality and performance on which the ARTEX brand was built.
In addition, pilots still report any elt activations heard to atc, as we usually monitor 121.5, the same as before the elt changeover. The big reason why we tend to listen to 121.5 is because of we fly out of range of our normal atc frequency (forgotten handoff, accidentally lowered the com 1 radio volume, for example) it is the frequency atc will attempt to reestablish contact with us on. In an military, interception, entering a restricted area without permission, or other event, 121.5 will be tried as well to make direct contact.
As many aircraft don’t have the modern elt’s (old elt’s are legal to have/use, but must be replaced if/when they break with new 406 units) the aircraft monitoring 121.5 in the area are the only hope the older elt users have if they crash. (Many people now carry personal backup plb radios, but they must be manually activated vs automatically activated by g loads during a crash.)