They are split in time. Not by antenna (other than 2.4 and 5Ghz). So three fully active 2.4Ghz devices split the bandwidth by 6 at best. A slow device can make the available bandwidth lower than the spec and then that lowered bandwidth is split by 6.
In your original case, 2 cameras and one phone trying to view RTSP streams from the cameras. RTSP is done with UDP so there is minimal acknowledgements.
(Time sequence)
Cam1 transmits 1500 bytes of data and headers to the router (Cam2 and phone have to wait)
Router transmits 1500 bytes to your phone (Cam1 and Cam2 have to wait)
Cam2 transmits 1500 bytes to router (Cam1 and phone have to wait)
Router transmits 1500 bytes to phone (Cam1 and Cam2 have to wait)
Phone transmits NTP request to router (Cam1 and Cam2 have to wait)
Cam1 transmits 1500 bytes to router (Cam2 and phone have to wait)
Router transmits 1500 bytes to phone (Cam1 and Cam2 have to wait)
Router transmits NTP data to phone (Cam1 and Cam2 have to wait)
...
...
...