You will see pixelation ("blockiness") in dark scenes and motion artifacts during action sequences. But for a smartphone screen, it is watchable.
The original 300MB movie trend emerged in an era of data scarcity (dial-up, early broadband). Today, with affordable 4G/5G and 1TB hard drives under $50, compressing a movie to 300MB results in an unwatchable, pixelated mess on modern 1080p or 4K screens. Many argue that the “300MB movie” has become obsolete except for archival purposes or extreme low-bandwidth regions.