That iPhone has at least double the CPU power my Zenfone has. Plus more cache, I presume. If I had double the CPU power I currently have on that thing, I would probably still use it.

Upgrading to the latest model would give me the same number of CPU cores and about 20% higher clock speed and slightly more RAM - both barely noticeable. I would get a better camera - but I'm OK with this one for a bit longer.

See, that's the difference (one of them) between bying an iPhone and an Android phone. Android phones are usually a lot more powerful. I currently use a Xiaomi Redmi Note 11 Pro. 8 cores, 2.0GHz per core, 8GB of RAM, 128GB storage, 4 cameras on the back. And all that for 300€. No iPhone has those specs at that price. Sure, support is shorter, but why people throw that kind of money on something like a phone is beyond me. Still, it's everyone's personal choice, and I guess Apple can put in a battery in their devices that will last, oh, 20 years, if they really wanted to, but for most regular Android phones, 10 years is more than enough.