Well, no, not exactly.

The ring is an always-on camera. My phone is not that. My phone may leak some information about me, and its basic job (cell phone) provides a record of location data, but that's not the same thing as forcibly making a home security device into part of a police state panopticon.

My smart phone is not recording video all the time and uploading it to somebody else's computer. It does send location pings to the cell tower when turned on... However, I can easily turn my smart phone off, or leave it home or somewhere else. Security cameras and thermostats and refrigerators aren't so easy to just turn off.