PhoneNet is not "just another term for LocalTalk"...
LocalTalk is the name of the serial protocol itself, regardless of physical medium. PhoneNet is one implementation of LocalTalk, that uses dongles and standard "Cat 1" telephone wires.
This is much the same as how "Ethernet" describes the protocol, while "Coax" or "10Base-T" describes the physical implementation. (Heck, if you really felt like it, you can even run Ethernet over standard four-conductor telephone wire, although it takes a lot of tweaking.)
The whole OSI 7-layer networking model may be goofy, but it does delineate the separate parts. (For example, "TCP" and "IP" are two separate protocols, on two separate layers, that are not at all dependent on each other, in spite of the common usage of "TCP/IP".)
Another thing is that PhoneNET caps out at the 230 Kbps of the native speed of the RS-422 serial port in the Mac. With the original Apple 3-pin mini-DIN adapters, LocalTalk can be externally clocked up to 2 Mbps. (The same speed as coaxial Ethernet.) I used to work in an office that used one of those external clocking adapters, and when I went back to PhoneNET, it was excruciating to run apps off a network server. (Since 2 Mbps was faster than the internal hard drive on some SEs, and faster than the Plus' SCSI is even theoretically capable of!)