When $X$ is a hypersurface of degree $d$, then $\phi$ is surjective, so $X\to \phi(X)$ has degree $d$. To see this, for any $p=[x_0,\ldots,x_{n-1}]\in \mathbb P^{n-1}$, the line $L$ as span of $p$ and $O$ will either intersects $X$ at $d$ points (with multiplicity) or will be contained in $X$.
When $X$ has codimension $r\ge 2$, and when the projection center $O$ is in general position (as KReiser pointed it out), $\phi$ is birational onto its image (see here and the links provided in the first comment in the link). In this case, $\deg\phi(X)=\deg X$. This is because by choosing a general linear subspace $H\subseteq \mathbb P^{n-1}$ of dimension $r-1$ complementary to $X$, the intersection $H\cap \phi(X)$ is transverse and consists of $d$ distinct points $p_1,\ldots, p_d$. Note we can choose $H$ so that these $d$ points lie in the open locus where $\phi$ is isomorphic. Therefore, the cone $\tilde{H}$ as span of $H$ and $O$ has dimension $r$ and $\tilde{H}$ intersects $X$ transversely at $d$ distinct points $\phi^{-1}(p_1),\ldots, \phi^{-1}(p_d)$.
When $X$ has codimension $r\ge 2$ and the projection center $O$ is not in general position, however, $\phi$ is not generaically 1-to-1 map and the degree of $\phi(X)$ can be smaller than $X$. For example, $X$ is a intersection of a hypersurface $Y$ of degree $d$ and a hyperplane $H$ in $\mathbb P^n$. If $O\in H\setminus Y$, then $X\to \phi(X)$ is a degree $d$. This is just a "cone" of the codimension one setting.