This was true for me until the latest iOS release. The new autocorrect is markedly better. It used to be that at least 30% of words (not even sentences!) were misspelled. Now it's pretty rare. I think the auto-correct on the iPhone is even better than how I type on a laptop keyboard. Pretty crazy!
The worst part about iOS autocorrect is that it will change previous words and it drives me wild. So even though I had typed a word correctly, I am 2-3 words ahead and it decides to just change the previous word making the sentence nonsense.
Also the constant autocorrection of swearing is really annoying.
This was true for me until the latest iOS release, but then it got worse for me. The inline predictions were especially problematic, but they added a toggle in the settings for it.
I think this puts me in the market for a keyboard like this