Which of the following is true for Williamson's synthesis?

In the given reaction,the product is:
$C_6H_5OH + C_2H_5I \xrightarrow{C_2H_5O^- / C_2H_5OH} \text{Product}$

The oxygen atom in an ether is:

This reaction can be classified as:

Consider the following reaction:
Statement $I$: In the above reaction, the product formed will be a mixture of benzyl alcohol and iodobenzene.
Statement $II$: In the above reaction, the $-O-CH_2-$ bond is cleaved to give the product.
In the light of the above statements, choose the correct answer from the options given below:

Product $(A)$ of this reaction is: