Camera Quality – Is Megapixel Everything?

Here comes the Redmi with 48 Megapixel camera. Wait, what? Realme offering 64 Megapixel camera? Is the camera quality that good?
Not limited to 64 Megapixel but we even have a 100 MP camera which is coming very soon. Though we don’t know which phone will be the one to implement it first. But you get the point.
But why is this megapixel race? Are there no other important components when it comes to camera quality?