I am on my third iPhone SE second generation (warranty replacements). It's small and easily fits in my pocket and still has a home button. It also still gets all the latest security updates. But, even though I'm on my third new phone, the performance has steadily degraded. I'm usually not very conspiratorial, but I'm quite convinced they are doing this intentionally to get us to spend $1000 or more on a new device. Things like voice to text and virtual keyboarding have completely gone to shit when they used to be quite good. It started with a particular software update several years ago and has gradually gone downhill.
When they finally quit supporting it with security updates, I'll probably upgrade to a used version of whatever last month's model is.