The lens aperture isn't reduced, the spec of the camera and aperture is already known. Plus the software and hardware work together to take multiple shots at the same time to merge together. Night Sights use up to 12 shots to create their results and currently takes a few seconds to process them. If software wasn't important then Night Sight wouldn't exist, neither would seamless HDR.
Just wait a couple of months and you'll see when Xiaomi release the new Mi using the same module. Software does matter a lot actually as well, out of the box quality is important because it means you get even better results once you apply any changes in LR/PS etc. If the base image is rubbish, the edited image will be a better version of rubbish. Not everyone shoots in RAW as well, and you can't shoot with all lenses in RAW mode anyway and RAW shots are only available in Pro mode on most phones. This means JPEG is the best all round mode to use so having a better quality JPEG out of the box makes things better in every other area.
I know what you are trying to say, but it doesn't apply in this context. There are no drawbacks to this new sensor, only improvements in all areas.