The iPhone 11 gets great social media photos, but I wouldn't want to get any of those printed (at least not larger than 4x6). Of course the best camera is the one you have with you so I am still happy to see the improvements over my Xr and my wife's 8+.
For a hobbyist like me M43 is great and won't be replaced by a cell phone any time soon. And as much as I'd like an A7iii I can't justify the extra cost and lens size for what I do.
Then I accidentally broke the GX85, and it didn't take long to get the itch to take photos again. So I finally made the jump to full frame with a used A7RII. Man, big difference. In image quality and size of course. Not trying to convert you, M43 still has a place in my heart, but check out used prices on the Sony Alphas. You can get something like an A7II for less than the cost of that Oly 12-40. ;)
That was with a 6S!
Where the iPhone shines is getting nicely automatically post-processed pictures. Olympus has an iAuto mode, which also aims for that. There are also a lot of in-camera settings where you can tweak the produced jpegs, if you don't want to post-process. The best quality you would get though by post-processing raw images on your computer.
Before I bought my E-M5.2 I had an E-PL2, looking at some of the pictures I took with the kit lens they are generally still better than the pictures I've taken on my phone.
Of course the camera gives a lot more creative freedom, but it felt pointless to carry a body + lenses for little improvement in quality, light as they were. I switched to a Fuji XT-2 and am much, much happier.