Competing is relative. If you give a crap about shit like facial recognition, then of course it doesn't compete. If you look at it from the perspective of a portable computer in your pocket, its pretty clear that in performance regards, they are on about the same level.
Its like me saying a ZL1 camaro vs a amg c63 is the same. Performance in a variety of aspects is fairly similiar, but clearly one has a premium placement to its status, even if it does nothing that we expect of cars (drive) in a better fashion.
Its ok rage, you can have your shiny iphone. I'd never pay that much money for one, especially with that insanely stupid notch thing