I’m not sure I want huge RAW video files on my phone, but I do welcome the greater color bit depth. This video also covers the situation with iPhones to some extent.
Smartphone RAW Video Capabilities Will Continue to Improve
Smartphones will never be a replacement for a proper video setup with a larger sensor and interchangeable lenses. But smartphones may soon produce a good enough quality for social media delivery and other mediums if you are thoughtful in your approach.