Sure, some of the black box processing that phone camera does relies on known algorithms. The difference is that it also makes use of ML, which IMO either plays a significant role or will do so in near term.
> auto white balance, tonemapping, skin smoothing, other features
This, for example, I see as an opaque step with nondeterministic outcomes, which if you take away from phones and shoot raw reveals how far they are away from mirrorless cameras. (Cameras that shoot raw do not do this all that well, nor are they expected to.)
> There's nothing sacred or qualitatively different about single-shot capture
I stack exposures too. Whatever process works, works. The difference is that my flow is A -> N -> X, my camera’s built-in processing is A -> M -> Y, while ML-powered black-box compute in a phone does A -> ? -> R today or A -> ? -> Z tomorrow.
Due to its automatic nature, I see this processing as taking more of the creative part of photographer’s role, unlike compute in cameras where it is a capture-time assistant.
It will have to play a bigger and bigger role in how phone camera output improves in near future, as there is not that much space for enlarging the sensor or the lens; and as a user you either let it do the magic or you end up with a very mediocre camera.
It is not inherently better or worse, but it relates to photography in the sense that I appreciate it in kind of as Nvidia Canvas et al. relate to hand-created art: different tools, different goals.