I bought a Pixel 5 less than 2.5 years ago, I didn't even consider the possibility that it could be EOL so early so I never sought out that page. I've never had another phone or laptop last such a short time.
Google itself used to offer 3 years of support. The last 2 generations of Pixels have 5 years. This new phone is 7 years, which is in line with Apple's 6-7 years.
Parts of the system are also kept up-to-date via the app store. Apple released a system update not long ago for older iPhones just to fix a WebKit exploit... Google would release that as an app update, you wouldn't even have to restart the phone. Any Android running a 7 year old OS (Android 7) is still running the latest version of Chrome. On newer Android versions, parts of the system - from the media engine to the bluetooth stack - can also be updated via the store.
Are Android updates messier than iOS? Yes they are. But a lot of what's considered to be "system updates" on iOS are just app/module updates on Android. They happen in the background are keep on going for years after you get a full system update. They don't get any headlines though.
With this said, updates on Android are different from iOS updates. Things like the browser, camera, gallery, etc, are updated via the app store, so your Pixel 5 still runs the latest Chrome and will continue to do so for years. They can also update system components (media engine, bluetooth, etc) via Play Store updates. Many new features (covid app support, earthquake alerts, etc) are backported via the Play services. On iOS all this requires a system update, on Android it doesn't.
This new Pixel 8 has 7 years of support, which is in line with the 6 or 7 years iPhones get. At least from now on Pixels should be as good as iPhones.