My errand bike is a vintage Bridgestone. A neighbor was selling his house, had a garage sale to get rid of stuff. And he had a couple bikes out back. When his kids grew up and moved out, he decided he was tired of picking up after them, left their bikes where they sat. So, a decade or more later, he is selling the bikes, wants $5 USD for each. I bought the Bridgestone. I know it sat outside all that time because there was a 5cm diameter tree growing up through the frame, he had to cut down the tree for me to get the bike.
First photo is when I bought it.
Second photo is after I put a lot of new stuff on it, anything plastic or rubber had to be replaced, even rim tape had to be replaced. Took me two days to get the bottom bracket out. There was a lot of rust inside but the frame felt good. After the frame was well dried out, I gave it a good spray of Frame Saver before re-assembling it.
Third photo. And then I stored it outside for the next decade, photo is in winter.
The bottom line is that if you catch rusting frames soon enough and good steel was used, a frame will last a long time.