So
- 22% more screen
- twice the pixels
- the same number of cores, though undoubtedly faster
- four times the ram
- 2 to 32 times the storage
Not that impressive for ten years of development to be honest. In addition to that there are limits to what is required for everyday usage. Not to make a "640k should be enough for everybody", but browser and messaging only requires a few GB of RAM and will do so for the foreseeable future. 8GB is future proof enough for the vast majority of use cases.
I have 2TB of storage in my PC. The actually important part (documents and programs) take up minuscule amounts of space. The remainder is for AI models, movies and games, all of which I could delete and download again.