If you have solid edges (e.g. hair pulled back or bald), and a fairly smooth background already... it looks acceptable.
But it's not a substitute for a really nice lens and sensor combo. Maybe someday.
I just wish the DSLR/mirrorless manufactuers would invest more in making their RAW files more intelligent. I don't want 'portrait mode' but I do want to be able to focus stack in one image (with originals preserved), do true adjustable HDR (combining exposures), etc.
Sony and Nikon have a couple hint at these capabilities, but the software is not easy to use, and don't get me started on moving pictures between camera bodies and wherever they need to be to do things with them (laptop, iPad, phone).
Still not full-res and unfortunately the first two samples[1] I opened shows that it's still crap and can't handle fine detail/hair. Many people have hair.
Portrait mode on any phone looks crap. I have not yet seen a picture where fake shallow DOF does not fail and look crap.