If people waste fancy silicon on phones, yes very much. While people use browsers and apps they're hardly multitasking like you would with a modern computer. A lot of good horsepower left for more advanced use cases.
I'm a developer so I have my needs which are unlikely to be "completely fulfilled" by a Phone-as-computer either.
However "as screen size goes up so does battery requirements", my thought was to keep the device docked in a Dex dock with PD and a fan for cooling, and since the resolution on modern phones is so damn crazy, as long as the device screen isn't pumping pixels when connected it should be fine to do 2k.
While it's a PC it's docked so you can't take calls on the phone easily (unless you have a long cable) but you could with a headset. Now I am not talking about the Dex implementation, I'm in the "what can be" discussion for the future.
For "normal people" a good Android desktop would be a lot better than not having a "desktop setup" at all. They don't have to buy a new device but can still get a mouse/keyboard/display combo and so some "productivity tasks".
I tried Dex out on a S10 or something but it wasn't enough for me other than as a cool gimmick, but I definitely see a usecase that could become widespread.