gin and it vs cocktail

gin and it and cocktail both are nouns.

Word	Noun	Adjective	Verb	Adverb
gin and it	Yes	No	No	No
cocktail	Yes	No	No	No

As nouns, cocktail is a hypernym of gin and it; that is, cocktail is a word with a broader meaning than gin and it:

gin and it (noun)	cocktail (noun)
a cocktail made of gin and sweet vermouth	a short mixed drink
	an appetizer served as a first course at a meal