All this talk may have been true a couple of years ago, but software based stabilization techniques have improved a LOT in these past two years.EIS can't help with pictures, is only used for video, and even when it does somehow the job, the results are not so good, and it tends to have a lot of jelly effect. When you have OIS available, you can also make it work in conjunction with EIS and the results are awesome. Another point for the OIS is that it works with all resolutions, while EIS is dependant on the resolution and the processing power.
You can think this: best smartphone's cameras are the ones which include OIS, and they present really decent results even in low light. OIS helps you both in photo and video, while EIS is only for video.
For video, gyroscope based EIS can easily surpass OIS alone and even perfectly correct rolling shutter effects (the jelly effect you talk about). OIS can't do nothing about rolling shutter effect. Check this video of someone running with the Pixel XL and Gyroscope EIS. It's mind boggling. https://goo.gl/tH19KM The one thing you need on the phone is precise gyroscope data, which Google has explicitely bothered to nail down on the Pixels.
For pictures in low light, you can have very short multiple exposures and combine them up after the fact. Results rival that those of OIS. Let's see how Pixel XL does in this respect
BTW, here is the Stanford paper that started the whole gyroscope based EIS https://goo.gl/HqqY4d. It's an amazing read.