Most of the top dyslexic reading programs use phonics in a multi sensory way. They also use sight words.
IME as a SEN teacher, you have to use both. The phonics vs sight words is a red herring. Children don't learn to read because they start learning at 4, or even earlier, before they are neurologically ready. At 4 you have not even fully developed your visual and auditory systems that are essentials that underpin literacy and you have not yet achieved the bilateral integration necessary for being ready to write.