It's more than that, it's completely mind blowing when you compare it to a DSLR.
In "good" lightning condition, your iphone will give you a picture 75% as good as what you could get with a 4k$ fullframe DSLR kit that's 10" long and weight a few pounds.
the problem is when light is not perfect, that's when the bigger lens/sensor are worth it even for a beginner that doesn't know much about photography. And if you need to edit your pictures, you don't get those extra stops of exposure up or down because the iphone already needed all the dynamic range of the sensor to create the picture you got.
It would be very interesting to see a colab between apple and a DSLR company to get the best of both world. A large FF senor and lens ecosystem like Canon combined with whatever dark magic Apple is doing on their tiny sensor would have massive potential.