Earlier quoted context omitted.
Depends on bitrate. I mean, my old Lumia 920 with a underpowered dual-core ARM CPU could encode 1080p at 10Mbits/sec from the camera module - really shouldn't be an issue for any modern PC to have video-conference quality video.
You're confusing hardware encoding with software encoding. Your phone doesn't do it on its CPU (or GPU for that matter). The camera module usually has a separate chip for the encoding.
Some lower end SoCs just do it in the DSP.