I'm a cheapass but I've experienced the same thing at the level of equipment I buy. You've posted about this before and I think it's closer to happening.
I bought a modest Moto G5S on a black Friday sale last winter and it's become not only my favorite phone but is my mainstay for quick snapshots. I also own a higher level P&S, a Canon Photoshot G16 which I purchased in 2015.
Here's the bottom line: Casual shots with the Moto are usually better than the Canon. The reason is that the tonality is better - shadows and highlights - even if the resolution at high magnification is not as good. Mainly because (I think) the phone implements high dynamic range (HDR) automatically for most high contrast scenes. The Canon has HDR but the phone's seems to have better actual results. The HDR has an auto and an always on setting and I set it to on by default.
The Canon cost $400 when I bought it for a single function device, and the Moto $169 for what amounts to a multiple function "tricorder".
The four edges that the Canon has over a camera phone are:
Much better available light performance and instant response on almost all shots.
Optical zoom, which makes a huge difference with some shots.
Far superior built in flash.
Manual controls - I can set the Canon like a classic 1930s rangefinder or 1960s SLR with all manual controls if I like.
But for the vast majority of pictures where I don't need these capabilities, the phone is convenient and effective.
I am cheap too so dont feel bad! I agree with what you say about it taking better snaps. The iPhone has HDR as well and it will use it at will. So it very rarely has blown out highlights and the shadows are always perfect. Here is the reality as my doctor put it - who prints photos now? Very few people. If you look at them on the computer or phone they look fine.
Your points about the Canon are true but they are eroding. This Huawei has a 3x soon and a 5x hybrid optical/electronic zoom. On my iPhone it fires instantly, easily as fast as my DSLR. Frankly it fires too fast, if you hold the button down a little too long it fires off 5 shots like it was nothing. I imagine this Huawei is similar. The flash is not going to be good as the light is so tiny. This Huawei doesn't seem to need to flash. It has a 40 meg sensor, thats crazy if you think about it.
I don't know if you ever see this app - its on the iPhone. It provides all the same controls that are on DSLR or rangefinder. You can change white balance, aperture, film speed, you can do auto exposure bracketing, exposure compensation and more.
http://www.procamapp.comTake a look at the photos you can do:
https://www.instagram.com/procamapp/It provides DSLR like controls for the phone. I am sure there is something like this for Android:
https://www.androidauthority.com/best-camera-apps-for-android-188148/I had a Samsung S7 Edge last year and sold it. Was not a fan of the software and google tracking.