different funtionalities can be valued differently. for me the entertainment a console provides is worth more than the functionality of a phone. but that may be a personal preference. the effort that goes into each of these boxes isn't.
If you want to talk about how much work goes into these boxes.. I'm not sure it is close, smartphones by a landslide. Think about the size of the smartphone industry, the developments in CPU, screen, miniaturization, camera, authentication, etc. Just yesterday I read an article about the work ongoing for a behind-screen camera (so no notch/punchout), it is incredible. Then you get to the operating systems and software to run it all...
Of course that doesn't matter, as you say, the only thing that matters is what it is worth to people personally. I spent far more on my PC than I would a phone, but I have also spent more on a phone than I would a console. Also worth noting these days you can get a good phone for roughly console price as well.