There are multiple shortages going on. For leading edge chips going into phones and GPU's maybe we wait for our game console or new phone a few months. But there are also shortages for automotive sensors, microcontrollers, power delivery controllers. Not buying a new phone isn't going to solve the IC shortage for cars or white goods.

The short explanation is that phone and computer chips are incompatible with cars (except in Tesla cars where they do use some, and even then Tesla cars still use chips that are literally have no comparison with computer chips).

The long explanation is that the "node" of the process used in phones and computers are different from those used in cars. Most computers can tolerate errors and correct them a bit later, but in cars that scenario can result to injury or even death. Car chips are built to totally different standards, and to borrow a terminology in software, written in assembly and not C. You cannot just reuse the processes intended for computer chips and apply them in cars, you need to manually check that everything still works out.