There is so much time, effort, and physical waste that is generated by slightly redesigning phones every year purely for the sake of making sales (as opposed to meaningful improvement upon the existing design or introduction of a new hardware feature). Think not only of people upgrading for the sake of it, but all of the cases, screen protectors, and other assorted accessories cast in plastic for previous models that are garbage now.
It would be nice if we could just space these things out to 5 years or so now, because that's probably how long it takes for anything to change enough to justify a new model.
No one is forcing you to buy anything you don’t want.
Also, the OS and apps need to take advantage of new hardware, so it’s not a surprise if your seven year old phone becomes slower.
If you don’t like the status quo then I would go with a non-iOS and non-android phone like pine phone, Mairena, librem, or anything else that based on a more open Linux distro.
With video game consoles, you have a single device where micro-optimizations are constantly done, new features are added, and all software can be purpose-built to work really well on that specific hardware. All of that for ~7 years means a really fantastic user experience and a massive community of people that have collectively worked through solutions to common problems and forced the company's hand on defects (joycon drift, for example). It also means tons of high-quality hardware-specific accessories, both from the company that made the console and from third parties.