Without electricity, how would the furnace communicate with the thermostat, and how would the blower fan motor operate? Convection goes up, but not necessarily out, and without a blower fan there's risk of the furnace overheating.
To me, radiators are the best heating system, too bad they have been out of favor for decades.
But I think it's pretty easy to understand why it's unpopular. First, AC is popular in the US, so a system that can reuse the same ducts is a lot less expensive than something entirely separate. Secondly, it's a lot simpler and cheaper to service. If your hydronic heating system freezes or develops an airlock or springs a leak, you might be looking at five-figure repair costs.
In the old furnace, every so often you would have to add water, depending on how cold it is outside.
I'm curious, why? I've never lived somewhere with radiators, so I perhaps don't know what I'm missing.
And for ignition since they don’t use/waste a pilot light.
But I think for some people there is a workaround. Where I live we are on Natural Gas. Years ago, the furnace there was rather old and needed to be replaced due to a leak. But that furnace would work fine without electricity, it had what I think was called a magneto. So with power outages, we at least has heat.
The State made these furnaces illegal to install, so now, the new one would stop working with power outages. Why can't people with oil/gas be allowed to install furnaces without the need for electricity. In many places it is too tight to install a generator.