We’re looooong past the days when computers were a single general-purpose number cruncher. Today, there are multiple subunits dedicated to all sorts of different tasks — video, machine learning, radio signal processing, the works. Note that, typically, these are all physically located on the same piece of silicon; not all that long ago, each would have been dedicated chips on the main logic board, if not separate circuit boards entirely. And even the least of these subunits outperforms the supercomputers of the single general-purpose number crunching days.
So … it really comes down to the particular task you’re doing. If there’s a dedicated processor for it and the problem fits in RAM, as is almost always the case these days for what people actually use their phones for … then it’s really system architecture and software algorithms that determine performance.
A car analogy … think of RAM as something like the fuel pump. If the fuel pump is underpowered, you can experience vapor lock and similar conditions where the engine has the potential to produce more power, but the fuel just can’t move fast enough from the tank to the engine for the engine to burn it. But once the fuel pump is powerful enough, making the fuel pump even more powerful doesn’t make the engine produce more power. Then again, if you do something else that makes the engine more powerful (such as add a turbocharger), you may well need a more powerful fuel pump to meet the new demand.
In this analogy, your gas tank would be the storage space — your HDD in days of yore. A small tank, and you might not be able to make it across town before you run out of fuel. A big enough HDD and you never have to worry about how far you can go.
A well-designed system matches all these components to each other … so it might not be the most powerful engine, but the car does great on both the daily commute and on a road trip. Then, the touring bus has a completely different setup, the farmer’s combine another, and so on. All superficially very similar — but the balances and compromises made for any one is entirely inappropriate for any other.
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