Possible? Anything is. But does it make sense? No.
A compact digital camera is a poor compromise. It usually has a zoom lens with either short or long zoom range.
In the short zoom range cameras, the ~28mm-100mm equivalent (but really the sensor is 6.2mm x 4.6mm with crop factor 5.5 so actually it's 5mm-18mm) lens is usually around f/2.7 - f/5.6. At the tele end, you have 3.2mm aperture. A smartphone camera would have 28mm equivalent focal length with crop factor of 6.2 so actually it has 4.4mm focal length. The aperture is f/1.7 on most smartphones so you can see it has 2.6mm aperture.
So, the compact camera at tele end would have only slightly bigger aperture, 3.2mm as opposed to 2.6mm of a smartphone. Long time ago, when sensors couldn't have many pixels and you could expect to get around 4-6 megapixels from a sensor, the zoom made sense. Today, when smartphone cameras regularly achieve 50 megapixels, the smartphone will probably have a better digital zoom than the zoom lens of a compact camera.
Let's look at wide end too. A short zoom range camera has 1.9mm aperture as opposed to 2.6mm of smartphone. So on most focal lengths you use, the compact zoom camera is worse than a smartphone as it collects less light!
In response to smartphone cameras with their fast prime lens beating compact cameras, the compact camera manufacturers began to make superzooms like ~28mm-280mm. The tradeoff is that the superzoom lenses are slower. A superzoom would be about f/3.4-5.6. So at the wide end, you would be now collecting light using a 1.5mm aperture, even worse than the 1.9mm aperture of a short zoom range camera (and way worse than 2.6mm aperture of a smartphone).
The superzooms are not good, however. When fully zoomed in, contrast detect autofocus is generally slow, nothing like that of a DSLR or mirrorless with a long tele lens. A camera sold as 280mm f/5.6 (but that really is 51mm f/5.6 due to a huge crop factor) would have 9.1mm aperture opening, though, better than 2.6mm of a smartphone. However, smartphone manufacturers have added second tele cameras with better optics so the benefit of a superzoom isn't that clear, however. Superzooms still probably collect bit more light than a smartphone tele camera, because the smartphone tele camera is obtained by an even huger crop factor than ~5-6, so you have to remember that when comparing stated f-numbers (an f-number makes sense only if told with focal length, and the focal length is very small if crop factor is large).
I'd say the largest benefit of a compact digital camera is that it has a Xenon flash tube. A smartphone doesn't (usually; there is a Nokia smartphone with a Xenon flash). Smartphones generally use LEDs with uneven illumination and it's more like a continuous light than a flash, it only helps if the exposure time is very long.
Instead of controlling a compact digital camera with a smartphone, why don't you consider controlling an external Xenon flash with a smartphone? You would get better results that way.
Compact cameras have died for a good reason. Almost always, either a smartphone or a DSLR or mirrorless camera is better choice.