The amount of processing power available in a modern smartphone is truly mind-boggling. I'd love to see a chart showing the chip cost and energy cost of the power on an M1 chip in each previou syear. I would guess that 30+ years ago you'd be in the millions of dollars and watts of power but that's just a guess.
As we see from the modern M1/M2 Macbooks, these lower TDP SoCs are more than capable of running a computer for most people for most things. The need for an Intel or AMD CPU is shrinking. It's still there and very real but the waters are rising.