An ac voltage can be represented by the instantaneous equation:
$$v_S = V_{M_S}\ sin\ (2 \pi f t ± \theta )\ V $$
where \$\theta \$ can vary from \$-180°\ to\ 180°\$.
Specifying \$\theta \$ allows us (mathematically) to differentiate where the waveform starts, which is meaningless for one waveform, but critical for phase relationships between two or more waveforms.
To simplify calculations, we turn the ac voltage into a phasor.
$$\vec{V_S} = V_S\ ∡ ± \theta\ V $$
To simplify calculations, we put one vector on the x-axis to function as a reference, which means the phase angle is \$0°\$. As in current becomes the reference for series circuits and voltage becomes the reference for parallel or series/parallel circuits.
From your complex notation for a vector, you have \$ V = |V|e^{j \delta} \$.
As a vector:
$$\vec{V} = V\ ∡ \delta\ V $$
As an instantaneous equation:
$$v = V_M\ sin\ (2 \pi f t + \delta )\ V $$
If we have simplified the process and made current the reference, current would be:
$$i = I_M\ sin\ (2 \pi f t)\ A $$
And \$\delta\$ would be the phase angle. As in I lags V by \$\delta\$. It shows the fundamental relationship between two sine (or cosine) waves.
In a three-phase circuit:
$$P_T = \sqrt {3}\ V_L\ I_L\ cos\ \delta $$
But I does not have to start at \$0°\$. If \$ I = |I|e^{j -\sigma} \$, then the phase angle would be \$ \theta = \delta - (-\sigma) \$.
$$P_T = \sqrt {3}\ V_L\ I_L\ cos\ \theta $$
where \$ pf = cos\ \theta\$.
So whether the angle is the phase angle depends upon the other waveforms, but the specified angle states where the resultant sine (or cosine) wave starts.