It's a well-known theorem (Corollary 8.10 in Lee Smooth) that given a smooth map of manifolds $\phi:M\rightarrow N$ and a regular value $p\in N$ of $\phi$, the level set $\phi^{-1}(p)\subset M$ is a closed embedded submanifold. Is the converse true? That is, given an embedded submanifold $S\subset M$, is there necessarily a manifold $N$, smooth map $\phi:M\rightarrow N$, and regular value $p\in N$ of $\phi$ such that $S=\phi^{-1}(p)$?

Prop. 8.12 in Lee Smooth shows that this is true locally; specifically,

Let $S$ be a subset of a smooth $n$-manifold $M$. Then $S$ is an embedded $k$-submanifold of $M$ if and only if every point $p\in S$ has a neighborhood $U\subset M$ such that $U\cap S$ is a level set of a submersion $\phi:U\rightarrow\mathbb{R}^{n-k}$.

(and any level set of a submersion is of course the level set of a regular value). I feel like this is the kind of question where, if there is a counterexample, it probably is very simple, but I wasn't able to come up with one.