Not quite, new phones still go for higher performance as well as stronger power saving. That's because they do need to consume high end media - decode and encode high resolution video, perhaps play games, run complex algorithms to handle camera pictures. This has some obvious limits but we're not close to them.
The most power hungry component is the display... The technology there has not kept up, in fact they grow bigger and consume more power.
The most power hungry component is the display... The technology there has not kept up, in fact they grow bigger and consume more power.