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I think it does since MS did a big overhall on their windows architecture, phone, xbox, and desktop all run the same base services just with different GUI's. Technically an XBOX could make phone calls but has no GUI or hardware for it.

(1) Windows 10 smartphones currently make cellular voice calls so that feature is already in the mobile version of Windows 10.

(2) There's no reason why Samsung or one of the Chinese manufacturers couldn't make a Windows 10 phablet. Microsoft made Windows free on small-screen devices, so I assume it will continue to be free, or at worst, "zero paid".

[Microsoft had a Windows offering where OEMs paid $10 for the OS but got a $10 rebate for setting Bing as the default search engine. So technically, Windows wasn't free, but OEMs didn't pay anything to use it.]

I doubt Microsoft would be going the phablet direction, even if Windows on ARM now supports "desktop apps". There's still the issue of having a horrendous desktop UI on a phone. Heck, it still pisses me off that legacy Windows apps don't even properly support 1080p screens. It should be way worse to squeeze them in a small screen as well.