Xperia XZ2 compact is small enough and powerful enough to be considered as iPhone SE replacement
I don't want to go into "who supports hardware longer" or "how long phones last" but I don't think this is a true successor.
Plus for someone considering an iPhone SE, the XZ2 doesn't have iOS.
One thing I'll note though: Surprisingly my XZ2 did get the full upgrade to Android 10 from Android 9. So that's pretty great considering it's 2 years old.