I am pretty sure a phone from 10 years ago could do about same shit as my current one as long as it still had working battery, supported OS and non bloated shittified apps. Pretty much the only thing that needs better specs are more modern games, but I don't really like to play games on my phone anyway (except old-school RPG's and emulated games I guess).
I'm annoyed that smartphones are so much more powerful nowadays but they don't especially feel like it. It's like the average bloat level of websites and software increased alongside processor speed, so actual improvements are barely noticeable.