The iPhone 17e uses a chip based on M5-class process technology and architecture. The MacBook Neo uses M4 class. The iPhone 17e uses a 460ppi 1200-nit OLED screen. That's about 2.1x the density of the LED, backlit, 219ppi, 500-nit MacBook Neo. In short, the iPhone 17e uses current standard technology. The MacBook Neo uses yesterday's, less expensive, technology. Oh, and the iPhone 17e is an actual phone, and includes satellite connectivity for SOS, messages, Find My/GPS, and crash detection. The MacBook Neo has none of those.
So, I guess if your criteria doesn't include new technology and greater functional capability, then the 17e isn't worth paying the same price. I disagree. The 17e is actually a decent value.