Let me clarify, legally speaking you do, but I am not arguing that. Practically speaking, that device can become fort Knox with a properly configured phone. Use a custom android ROM like grapheneOS and not use any services that can/will give you access to the content on your phone and that phone is practically useless to them. Even with a warrant, you aren't beating today's privacy and security practices without a major security flaw. If a person doesn't want you to know what they have, they don't have to give you anything.

Will their be consequences? Probably, but that may or may not be worth it to you if you are a privacy activist who doesn't want to be incriminated on a legally but not moral basis. Or you could be a criminal with something you really want to hide. Doesn't really matter in the end.