Chosen Solution

I dropped my iPhone and suddenly the both cameras (rear and frontal) and the flashlight stopped working. What it could be? Does it have a fix or its better to replace the phone with a new one?

The rear camera is the key here. The front camera and flash will not work if the rear camera is damaged and cannot be enabled. So the simple thing to try is replacing the rear camera with a known-good replacement part (or from a quality vendor) to see if that solves your problem. If it doesn’t, then you may gave a logic board issue. Repairing a camera issue at the board level is relatively straightforward and much less expensive than replacing the device.

It’s probably a board level repair. You could try and replace the cameras but it probably won’t do much. You could also try and do a full reset and then it might start working again.