Right about most things.
Except the fact that Smartphones hardware changes. New Processors, New Optical Sensors in the Cameras, new SSD's (with higher capacities and faster speeds)
This is especially going to keep going as Qualcomm is about to step their toe in the Desktop market, essentially giving them potential increase in market share for Laptops.

Giving them opportunity to invest more in making efficient processors that could improve future phones.

Things that are missing from all Smartphones today are
- 2TB+ Storage (already possible with m.2 ssd's about the size of an SD card.
- gpu's capable of handling all the Mobile Ports companies have been bringing to the market (lot's from China here) rn setting things to max graphic settings is just not feasable for prolonged time (given battery consumption and heat).
- AV1 encode/decode (this is very important for the next 2-5 years for everything video playback/production)
- Bluetooth (will probably see upgrades past 5.3 aka LE) within a few years
- better wifi chips (come out annually so there's always improvement)