Having a zoom lens, even only 4x, helps immensely with framing, and I find the Fuji puts out crisper, brighter pictures than I typically get from my phone.
The downsides are definitely there though. One is of course size. As well, I find that on average the Fuji is a touch slower to autofocus, and heck of a lot slower to actually write out a photo. Perhaps if I bought a faster SD card that could be helped.
Anyhow. Long way of me saying: not vacationing without the Fuji any time soon, and I suspect, I will eventually replace it with another stand alone camera, even if the iPhone 7's depth effect is amazing.