The analog input circuitry of built-in soundcards usually is so-so at best. The parts of A/D-conversion profiting from higher amounts of digital circuitry might deliver a better bang for the buck than they used to but this will not buy you the S/N ratios of good analog input circuitry.
I don't know where the Phase 22 sits in the universe of sound cards but I'd take something like the RME Multiface (also about a dozen years old, but high end with hella impressive specs that aren't primarily a reflection of wishful thinking but supported by the actual hardware) over any builtin soundcard blind without looking twice.
Another answer mentioned that the Phase 22 supposedly offers balanced Line audio connections: that would be very unusual for built-in audio and makes quite a difference regarding just how much noise becomes part of your signal right from the start.
Basically I would not expect too much in quality over a good cassette tape drive from current-day built-in audio. Which means that it tends to be good for quite a bit of music juggling. A vintage dedicated soundcard will range in quality from somewhat below that to considerably above.
High-quality analog input circuitry of 12 years ago will likely never be beaten by built-in audio in general-purpose computers since there are hard limits in how much board space and price tag people without audio interests are willing to accept.