At least for me, the effect is real, and is driven not by media consumption but ergonomics of use. But at the same time, I'd say you're
not missing that much. I always preferred large screens because of productivity gains[2], but even as screens kept getting larger, the set of things that "I feel I’m better off opening a laptop" for remained the same for me.
That is, until I switched to a foldable phone (Galaxy Z Fold 7) half a year ago, and - I kid you not - I haven't used my personal laptop since that day.
FWIW, I still have a proper desktop PC; In the past decade+, I've been using a PC at home, and a "sidearm" on the go / away from home: always a 2-in-1 Windows laptop with top specs[0]. Being always with me, this laptop often replaced use of PC at home too, because of convenience & portability.
So by amount of productive use, for past 10+ years it was sidearm >> PC >> smartphone. But getting a foldable flipped it around. Having twice the screen size of a regular (large) phone is a big productivity win[1], but it's folding that makes the actual qualitative difference. Folded, the device becomes a regular smartphone - i.e. something that fits in my pocket, meaning it's always on me, in my hands, or less than 1 second away. Contrast that with tablets, whose form factor makes them basically just shitty laptops (same logistic as ultraportable, but toy OS of a phone).
I didn't expect this. I didn't even feel this change - I only noticed two months later that my laptop has been sitting unused on my desk, covered by a pile of stuff. Doing "laptop tasks" on a mobile device is still annoying (no keyboard, toy OS), but combining tablet-sized screen with portability of a phone makes them less annoying than logistics overhead of a laptop - and at least in my case, this eliminated the entire[3] space between "smartphone" and "PC".
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[0] - Think Microsoft Surface, except I could get better specs at half the price if I bought an off-lease but pristine Dell or Lenovo.
[1] - It's not immediately obvious to people, but as things are today, a foldable phone isn't any better at media consumption than regular one, because almost all cinema, TV, videogames, etc. are all produced for widescreen - meanwhile, the inner screen of my Fold is approximately square, so e.g. for most TV, half or more of it is black at all times. However, all that extra space allows to effectively use multiple (3+) apps on screen, not to mention makes spreadsheets actually usable.
[2] - Bigger screen = less scrolling and tapping in menus, but also with text size scaled to minimum, my previous phone (S22) had a big enough screen that running two apps in split-screen became useful on a regular basis.
[3] - Well, almost. There are some tasks I really like physical keyboard and larger screen for - but for those, I just plug the phone into the screen via USB-C, and volia, it turns into a regular desktop. A shitty one, but good enough for occasional use.