Spend the money on a more modern phone?
Definitely consider this route. A lot of top-end phones come with multiple lenses now rather than using digital zoom. The optical quality may not be up there with a good point-and-shoot, but they’re pretty damn good, and there is a huge benefit in convenience and ease-of use.
I used to use a point-and-shoot on the bike. But given that I have to connect it to a computer, and go through processing all the photos to get the end result I want, it hasn’t actually been used in years.
The convenience of having everything in one package, from the camera to a full suite of image editing software, and the ability to upload them anywhere you like, and always having all of this with you…has almost made point and shoot cameras redundant.
That said it depends on your use. There are good reasons to go with the PaS. But they apply to a very niche crowd these days. It’s the new film.