Is there any reason to believe that privacy concerns about smart speakers do not also apply to smart phones that are configured with a wake word? "OK Google" se

Is there any reason to believe that privacy concerns about smart speakers do not also apply to smart phones that are configured with a wake word? "OK Google" seems to work the same way on a speaker and a phone. I have my iPhone set so that it takes a button press to trigger Siri, for this reason.