Will it? Even if you offer people AR glasses and smartphones at the same price, I'd expect most people to pick the phone. Nobody wants to tap their glasses on a Square reader to buy coffee, or ask their specs to take a picture.
The VR/AR modality struggles when OEMs rely on unique native experiences as a selling point. There's no "killer app" for VR a even decade after the original Oculus DTK. Palmer Luckey sold Oculus to go work on building cruise missiles, to give you an idea of how awful VR's prospects are.
I too once abandoned a bowl of cereal for a steak dinner, but that says nothing about the quality of the cereal.
Nobody used their cell phone to take pictures, that's what a camera is for! And music came from a Walkman. But then the iPhone came out, and the rest is history. A pair of glasses that takes pictures could very well be the future. We won't know until after it's happened though.
Because the camera you have in your pocket right now was always better than the one you left at home.
People abandoned laptops as a primary computing platform for phones with small screens because the "masses" prefer convenience above anything else. Those phones eventually increased their screen size, but never got to laptop size of course.
People don't want to have to put on a headset to doomscroll.
VR/AR is not a "faster horses" problem. It's a "buy my 40-foot-tall horse with 9 legs" one. The market has several high-quality headsets to choose from, and none of them are selling like hotcakes. The people have spoken, even at $1,300 I expect Meta's glasses to be a flop.