The main CPU got a lot better: a 5nm transistor process fits about twice as many transistors as a 7nm process in the same space, while burning the same power. So instead of a 10 core CPU, now you get 20 (approx). Plus the density and bandwidth of the DRAM memory increased, as did the non-volatile memory. Displays also got higher resolution at lower power, same for the WiFi and cellular chips. Not to mention the energy capacity of the battery itself improves, albeit not as quickly.
Net net: for about the same battery life and the same cost, you get a way better handheld computer: more performance, better graphics, more storage, more sophisticated software. Just like laptops 15 years ago and desktop PCs thirty years ago (and just like those, eventually the year-over-year improvements will slow down).
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