Indeed, parameter-wise that is small, 65 times smaller. However...
GPT-3: trained with 300B tokens. Phi-2: trained with 1400B tokens.
The volume of training data, on the other hand, is around 5 times larger.
For curiosity, just the other day I calculated that a human baby learns a language with around 30M "token-equivalents" of learning data. This sounds, to me, a reasonable argument for innatism, that is, human "architecture" is biologically geared for language acquisition and contains some strong "guides" or constraints that reduce the hypothesis space of "possible human languages". I wonder if language models are able to find similar architectures that would allow learning with less data.