With phone link I have tested the beta version and you can use your phone camera wirelessly after initial setup. At least I was able to do this using a Redmi Note 9s without any obvious issues, apart from the privacy concerns noted elsewhere.

The only unique (I think?) thing about phone link is that it enables you to use your Android phone camera as a webcam, which can be handy if you don’t have a quality webcam. I think its only in the beta version though.