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.
I rely on my smartphone for work, I'd rather buy a 4y old model known to be reliable than a brand knew one that ends up preventing me to call 911 or whose screen die randomly and unexpectedly.
The phone on the other hand is connected to every facet of your life and has a software stack that absolutely contains security flaws waiting to be found and exploited.
Apple has always worked to keep devices secure longer, at least up until now having the best long term support. My favorite part of the Pixel 8 is that Google is attempting to match and exceed what Apple's done so far.
Phone performance and features are definitely not changing fast enough for older devices to no longer be useful, even for affluent audiences. I hope support windows continue to get longer so that folks who must use or choose to use older devices can remain secure.