I'm not giving up on my cameras and lenses. The sensors are far too small in camera phones and the images are noisy. Holding the phone right up to the subject to get a background blur is not always practical. In my opinion, phone cameras have taken the quality of photos backwards. They have replaced compact cameras but interchangeable lens cameras will be around for a long time for those who want to take the hobby seriously and professionals.
Sure, I'm planning to lug my camera and lenses on trips as well, though to be honest, I've never done large prints, mostly view them on my computer.
Even on my computer the quality differences between my camera and iPhone are apparent.
I disagree about compact cameras though. I had several of them over the years though they were probably no more than 2/3 inch sensors, still bigger than most phone cameras.
The pictures look okay on a computer screen but if you zoom in just a little, the noise and lack of resolution becomes apparent.
Even phone camera sensors are better now than compact camera sensors were 10-15 years ago.
Then there's the special sauce of processing, like blending multiple exposures together, all done transparently to the user.
I know this, I can get some better night shots handheld with my iPhone than I could hand held with my Nikon. For the latter, I'd have to use something like 1/15 wide open and probably steady myself against a wall or a column to get something in good focus. Of course I use tripods and long exposures if I want to take pictures at night.
I'm talking about situations like I'm walking to dinner and may see something and take impromptu shots with my iPhone.
Alternative would be taking my big Nikon and tripod but when I have no specific plans to shoot something, it's a lot of wasted energy and you don't want to lug all that gear into a restaurant.
The guy in the video isn't saying iPhone takes pictures better than $5000-6000 cameras, just that the results are very good, unless you zoom way in, more than 100%.