A few things that come to mind-
For those who say you wouldn't think to use the emergency brake, it's something you should be ready to do. I've had brake lines go on me before, and it's important to have a second way to stop your car if the brakes fail.
That being said, the emergency brake cannot handle high speed stops. As mentioned, use neutral or engine braking to slow down. I wouldn't recommend using the e-brake over 20 km/h. So try to head uphill if possible (which is where you would use neutral) or engine brake- downshifting one gear at a time.
Also check your owner's manual or with your mechanic. The GMs I've been driving since the mid 80's have all had dual master cylinders (the thing-ma-bob that stores brake fluid.) So if I have a brake line cut or blow out on me, I would have 2 more chances to use the opposite brakes (front or rear depending on what gets cut) before completely losing brake pressure. But you would also have to recognize it; most common symptom is the brakes being very squishy or the pedal going almost all the way to the floor.
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