I sympathise with your daughter. I don't say you deserve to be hit; no-one does. But is this situation not your fault? It's pretty "rude and disrespectful" to snatch someone's phone.
I imagine she thinks you don't have a right to deprive her of her property and viewed the punching as legitimate self-help. In general, if someone snatched my phone or was trying to wrestle it off me I would feel justified in hitting them. If they already had my phone, which belongs to me, I would try to use social pressure and/or the law to get it back non-violently, but this is not an option realistically open to your daughter.
The proposition that one person (you) has the right to take another person's property (the phone) simply because you gave birth to her is ... not obvious. It's not clear whether or not you do have such a right, morally or legally. I think you don't and so, presumably does your daughter, but the normal laws regarding property are not applied to family relationships like yours; hence you have an anarchical situation which is open to violence.
Do you have a right to be spoken to by your children as if you were inherently superior and that you have a right to punish her by depriving her of her property if she says something contrary to this, much as in the past, or in more backward countries, a husband might punish a wife if she were "rude" or "disrespectful"? A lot of people agree with the idea that you do, but it's not clear that modern British society necessarily does as a whole.
In general, I think you should avoid conflict like this with your daughter.
Contact with the police is likely to severely harm a young person's future and should be avoided, even at significant cost. They aren't there primarily to help you, but to prevent crime and disorder. It's quite possible she would be formally cautioned, which would be a criminal record and haunt her essentially forever.