I'm suggesting that autocomplete of words and autocomplete of short phrases aren't substantively different, yes. Especially given that a lot of mobile keyboards already essentially do this.
I can type "I" and then my phone's keyboard will suggest "be there at" as the phrase completion it does this a single word at a time, but in practice it does let me complete a phrase. If I don't want to say that, I'm capable of not using the autocomplete suggestions. There's no substantive difference with Smart Compose except that I don't have to confirm between every word, so its slightly more efficient.
I'm not sure what you think smart compose is doing, but "writing sentences for you" isn't it.[1] So no, I think you're either misunderstanding what this is, or perhaps you're being disingenuous by describing it as something that writes sentences for you.
[1]: Granted given the Duplex demo and other work in the NLP space, I expect that in certain contexts a tool that given an instruction like "set up a meeting with John this week" that schedules it over emails (like x.ai[2], which has been around for quite some time) is totally possible, but Smart Compose isn't it.
[2]: https://x.ai/