Of course it’s an iPhone chip, which is why it’s got just 8 gigs of RAM. I think it’s the same exact SoC that went into the 16 Pro Max.
And yes, absolutely. All you need is a bootchain exploit. However unlike in the old jailbreaking days when people found and publicized them for fun, these days they are worth millions. Apple will pay you $500k for sandbox escape into the kernel. If you nail the bootchain, it'll be in the millions. From Apple. And god knows how much such a thing would go for in the black market.