Dyslexia is so much more than just phonics or reading. That said English is not nearly as phonetic as a language like Italian.
I have a severely dyslexic DD - but she's top set English and considered to be extremely able when it comes to creative writing. She can't spell, punctuation and grammar are very hit and miss, but nothing a good editor can't deal with.
DD struggles massively with reading - every sentence has to be decoded, then re-read as a whole, then assessed for meaning, then read again to understand it within the context of everything else. Where I (hyperlexic) can read a page incredibly fast and understand everything, DD will be there for so long she gets frustrated and has to be extremely motivated to start in the first place.
Luckily you can use audio books, film and theatre to compensate for a lot of great literature, but it's very hard on a day to day level.
Dyslexia and IQ are also not linked in any way. Many people assume that children with severe dyslexia are stupid because it's so much harder for them to access academics, especially at school. Often their cognitive abilities are so far above that it makes the problems even worse.
Then you have to add in things like problems with processing, or with working memory that can all be part of the same package.
Luckily at tertiary level there seems to be a lot more understanding and different ways of being able to work - and a whole load more support.
I do a lot of editing as part of my job, and some of the people I do proof-reading for are incredibly clever and knowledgeable, but could not begin to write a simple letter. They have managed to get to a stage in their careers where they can just send everything to someone like me and I sort it all out for them before anyone else sees it!