So I went on a walkabout today and decided I'd do something I've never done before - a side-by-side comparison between the Pro Max camera and a "proper" camera (in this case my Fuji X-S10 with 15-45mm lens).
I am not a phone camera person, I never have been and I absolutely loathe how most YouTube reviews for phones are over 50% dedicated to the camera HOWEVER, I was willing to do a small test just to see how it all stacks up.
I don't know if I'd say I was pleasantly surprised by the iPhone performance - given the hype (justified or otherwise) I was expecting a decent performance. The photos are excellent and I'd say the best I've ever had from a phone however I have absolutely no authority on phone camera performance.
All that said, in a side-by-side comparison it is plain as day that it still doesn't hold a candle to a dedicated camera - even one with a budget lens attached. The real disappointment with the iPhone photos was just the sheer amount of post processing - over sharpened and too much HDR. I assume the only way around that is to shoot in ProRaw?
So, I guess the TL;DR is (IMO) there is no way a phone, or certainly this phone, could replace a dedicated camera if accurate and realistic photos are the name of the game.