And when Linux is running on your fridge, in your car, or on a headless VM then who is there to read out this "printed output." The great thing about "log and continue" is you can automate collection and fix the underlying bug (or know that the hardware is failing).

Keep in mind that in a kernel panic no hardware is assumed to work, so assumptions like "just write to storage!" isn't an assumption you can make, you're in a panic the IO could have been literally pulled out.