The new button on iPhone 16 and iPhone 16 Pro already does a lot, and there's more coming soon as part of Apple Intelligence.
You can try out the beta version of Apple's generative AI with an iPhone 15 Pro or any iPad or Mac with an M1 chip or later.
Apple Intelligence finally arrived last month as part of the iPhone's iOS 18.1 update, introducing a wave of new features such as the ability to rewrite text, create photo montages based on a prompt, ...