Yeah, I spend like £250 at max for a phone, and I only replace when they start to fail, which is usually after 2 years (which is bs in itself).
This is ore a case of phones being comically overpriced solely because of branding/it being a fashion accessory basically.
Your average user of a phone will:
Use message apps
Use a music streaming service
Play candy crush
Take photos for Instagram
Watch YT vids
Not be able to tell the difference between screen resolution etc. Other than 'it looks nicer'.
You can do all that easily on a phone a quarter of the price of a Samsung/iPhone. With a console, except for the Pro Models this gen, you have a console per gen, so lets say 7 years on average, and other than form factor and slight changes, you don't gain anything else when you upgrade. With a phone, you get such a quick upgrade of tech that anything over 3 years is kinda obsolete, tech wise.
Also, people (kids) won't bully you if you've got a PS4 from launch. If you go into school with a phone from 2014 though...