IMO, the primary difference is that the iphone is implementing some version of HDR compositing of multiple exposures. It has at least two exposures combined; a lighter exposure for the sky and dark regions, and a darker exposure for the lights/highlights. Many phone cameras do this (and more) automatically without necessarily telling you; the reported exposure settings are obviously not accurate/true (maybe the average?).

The X-T5 image has metered and exposed for a single "average" exposure. This results in the dark regions being less exposed (you can't see the sky or details in the buildings), and the lighter regions to be recorded brighter. The lighter regions being brighter causes the colors to wash out and record less saturated... e.g. it is usually best to "underexpose" a sunset to get the best colors.

I don't own an iphone, so I don't know if you can disable the exposure compositing/HDR. But HDR does a better job of simulating what a scene looks like to you because your eyes also adjust to the variable brightnesses within a scene as you scan and focus on those regions.

The X-T5 does have an HDR mode, and it also has some dynamic range optimization/expansion settings you could use; but I have no experience with them. I've only ever used manual exposure blending/compositing; and that is what I would recommend for best results (but least convenience/ease).