Large sensor digital imaging can never be overtaken by small sensors in a lot of areas including IQ. But today's advances in computational photography have made phone cameras powerful enough that they can substitute large sensor cameras for a lot of non professional users....and it begs to ask the question, how far have phone cameras progressed?
Anecdotally, I have compared a cheap apsc dslr (nikon d3300) with it's supercheap kit lens to a lot of phone cameras, and the nikon, as expected wins in very parameter. But if you're not a discerning user, then you will be perfectly happy with the picture from your phone.
The youtube user "High Tech traveller" has made this photo comparison video, a video comparing photos from a Panasonic GH4 and a HTC u11. It demonstrates how good phone cameras can be in a lot of circumstances. Link provided below.