Yes, was a time when not many had VHF let alone Radar, epirb, AIS and 'SeaMe' so maybe a life raft was more important then.
In the scale of safety kit I am afraid I rate all of the above higher than a life raft, as they all (except epirb) help prevent an accident, a life raft is an 'after the event' device. So for me it is a nice to have, not a must have.
When I start doing long offshore passages it will then become a must have.