Do the high profits come from the hardware or from rent seeking behavior in the app store and elsewhere?
In April 2023, Apple has a 30% market share of smartphones worldwide [1]. And in the first 3 months of 2023, Apple accounted for 50% of global smartphone revenue... and 80 percent of the industry's profits [2]. These is smartphone revenue, not services revenue. (Apple makes money from the App Store too but that's separate.)
80% of industry profit from 30% market share is certainly not a commodity. Cheap Android phones are a commodity. iPhones are the polar opposite.
[1] https://www.oberlo.com/statistics/smartphone-market-share#:~....
[2] https://www.statista.com/chart/29925/apples-share-of-the-glo....