ARM 32 bit is supported by OCaml. Just not for iOS/MacOS since the 32 bit iOS devices are ancient by now.
The last iPhone with a 32-bit processor appears to be the iPhone 5c, last produced in 2015. As I type this on a laptop from 2015, I have to question your definition of "ancient".
If not for the camera and iOS support inevitably ending, I don’t see much reason to upgrade.
One of the kids' phones is an SE which is pretty much the same internals as the 6S and it's still good.