https://support.garmin.com/en-US/?faq=9NWiPDU4gM0JWMfdWFol7A
The new GPS chipsets are absolutely a beast in challenging conditions and incredibly accurate/precise over the older technology.
Having a phone on the handlebar/top tube is cumbersome and annoying, battery life is crap and distractions galore. I don't want needless phone calls from annoying people interrupting my workout and distracting me from watching the road. I've set up my Garmin devices to ignore phone calls and texts from the phone during workouts.
As an FYI, if you have an iPhone, you can set a "Fitness" focus mode that turns on automatically when a workout is started. From there, you can specify which contacts can pop a notification during workouts (or none at all). I let my wife and my parents get through.
But, like you, not that I'd use a phone as a bike computer to begin with.
More casual cyclists might use their phones since they already have those and don't want to buy an extra bike computer - but that was already true in the past.
The latest high-end Garmin devices do support multi-frequency GPS just as accurate as the iPhone 14. Those chips aren't included in Garmin's mid-range products like Edge 5XX/8XX series bike computers but will probably be added in the next refresh.