Reactivity comparison of phenol and toluene towards electrophilic substitution
You have to make a comparison between phenol and toluene. You have identified what toluene does, but you haven't described what phenol does.

The hydroxyl group in phenol increases electron density in the ring by resonance (+M effect). Note that the methyl group in toluene increases electron density only by hyperconjugation and inductive effect.

Resonance effects are generally far more superior to hyperconjugation. Hence, without doubt, phenol is more activated towards EAS as compared to toluene.