It's a perfectly useful way of looking at it, but if you prefer:

Average salary 2007: $40,405.48; 2023: $66,621.80.

https://www.ssa.gov/oact/cola/awidevelop.html

This logic doesn't make sense. The opportunity cost (i.e. the basket of goods you forego buying) of buying an iPhone is exactly the same as it was when the device first launched. No single good in the basket is such a large component of overall measure that you can't use inflated prices to understand, in relative terms, the cost of a good.