I have. Multiple times.

Some of my banking apps will refuse to run on older phones as well.

I've worked at companies where security would refuse to let people run the company workspace on an older phone. So if people wanted to work from home, or check the email from the phone, they needed to upgrade.

I do agree, for most people, battery life is more impactful before security runs out. But if you replace the battery, then security becomes the limiting factor