Information that someone can gather from access to telecom network hardware includes all SMS traffic (not Signal/iMessage/etc. of course), the contents of every call you make (not over Signal/iMessage/etc.), 2FA codes, the domain of most websites you visit (sniffing TLS certificates, though ECH should hopefully reduce that at some point), and of course your phone's current location at all times; with beamforming technologies like mmWave, that location can be accurate to centimeters or less.
If access is wide-spread, you could even figure out who's communicating with who over encrypted messengers by watching for packet timings. Target A communicates with the Signal server and milliseconds later Target B receives a push notification? And then seconds later the inverse happens? That's probably proof enough that two people are communicating.
I doubt lawful intercept systems have the ability to inject any traffic, but it's very useful to know the exact make, model, modem version, and OS version of a phone before sending malware like Pegasus to a device, and telco infrastructure knows most of that.
As for phishing, knowing what services your target uses can be very useful. Spoofing numbers isn't very hard, and if you've been receiving calls from your local real estate agent for a while, you won't notice as much when you an imposter uses a spoofed number. The more niche and offline the business you're pretending to be, the less likely you'd consider a phishing attempt suspicious.